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Feb 28 - Mar 05, 2000

  1. International
  2. Finance
  3. Industry
  4. Policy
  5. Trade
  6. Gulf

Expo Centre

Karachi Expo Centre of Export Promotion Bureau (EPB) will be ready by the middle of April 2000.

This was announced at the meeting of the Board of Administrators of Export Market Development Fund met on Thursday under the chairmanship of Minister for Commerce Razzak Dawood who also took various other decisions.

PSMA to lift cane at Rs35 per 40kg

The Pakistan Sugar Mills Association (Punjab Zone) said here on Wednesday that no sugar mill in the province was in a position to lift sugarcane from growers at more than Rs35 per 40 kg.

It slated some farmers' organizations for artificially raising sugarcane rate to Rs50 saying that mills could not be trapped in their ploy.

Trade gap to be discussed with IMF

Pakistan has lost about $1.1 billion in its external trade during the last seven months alone due to adverse trade conditions and the issue will be taken up with the International Monetary Fund (IMF), top official sources told.

To reduce the current account deficit to a reasonable level was one of the conditionality of $1.6 billion Enhanced Structural Adjustment Facility (ESAF). Now the government has decided to seek another strong development programme from the Fund related to poverty alleviation, current account deficit mainly to figure in negotiations.

Pakistan to export tractors, rice to Iraq  

Pakistan will export 2,000 tractors to Iraq to help develop mechanised agriculture in the country. In addition to this Pakistan will also supply 25,000 tonnes of rice.

This was revealed by Tariq Ikram, minister of state and chairman of the Export Promotion Bureau (EPB), at a dinner hosted by Javed Chinoy, chairman, Prgmea, in honour of the visiting Asean delegation at a local hotel on Tuesday.

He told the select gathering of Pakistani and Asean businessmen that the export orders were secured during a visit to Baghdad recently by a high-level Pakistani delegation led by Abdul Razak Dawood, Minister of Commerce, Industry and Production.

The EPB chairman said that inspite of tremendous trade opportunities between Pakistan and Asean the amount of joint trade is only 10 million dollars, which is negligible. "As a marketing and sale executive, I am fully aware that trade could only be developed with frequent exchange of visits among the two regions and cordial relations and trust lead to signing of business deals.

Tariq Ikram said that to boost exports Pakistan would have to resort to aggressive marketing and market oriented policies taking in view of our competitive edge. Both the government and exporters will have to work together in harmony.

He said that interaction with the Asean delegation in last two days had proved an eye opener for him. Business opportunities between Pakistan and the Asean region had been identified during meetings with the visiting Asean delegation and now the main issue was how quickly and effectively we could exploit these opportunities.

Potential exists to grow trade with ASEAN

Chairman ASEAN-Pakistan Business Council and Honorary Secretary General ASEAN Chamber of Commerce and Industry, Syed Amin Aljeffri has expressed confidence that with mutual efforts, trade and economic relations of Pakistan with ASEAN countries could steadily grow.

He was speaking at the inauguration of the first meeting of ASEAN-Pakistan Joint Business Council (APJBC) on Monday at the Federation House

He said that there were many opportunities for business cooperation between ASEAN and Pakistan, adding that the recent financial crisis in Asia has underscored the importance of joint efforts and strategic partnerships for formulation of effective policies. These policies, he said, can help our economies face or mitigate the effects of future financial and economic uncertainties.

Plans on anvil to export 0.lm tons of urea

Pakistan intends to export 0.1m ton of urea fertilizer during the year 2000 following a surplus production of 0.554m tons in the country.

Sources said, the urea export will be done by the private sector, but the modalities for the export will be worked out by an interministerial standing committee in the ministry of Industries & Production.

Trade deficit with Malaysia

Pakistan suffered a huge deficit of $600 million in trade with Malaysia during 1998-99, mainly due to heavy imports of edible oil, it was learnt.

The country's exports to Malaysia in the last fiscal year remained as low as $33 million, but imports amounted to $633 million, resulting in the big trade imbalance for Pakistan.

Only Pakistan's rice exports to Malaysia touched the double digit in value (in million dollars) and the commodity fetched $12.274 million in 1998-99, while the quantum of exports of other products to the said destination was very disappointing.

10 pc increase in power tariff likely

With the recent 15 percent hike in the furnace oil prices, Wapda and KESC are likely to announce 10 percent increase in electricity bills.

"The recent 15 percent increase in furnace oil prices has pushed both Wapda and KESC in a tight corner and there seems no way out except an increase in power tariff," an analysts on power sector said.

Sources confirmed that Wapda had already approached the National Electric Power Regulator Authority (Nepra) and the federal governnment for 10 percent increase in the tariff.

Shipping lines raise freight charges

Major shipping lines providing container service from Pakistan to European continent has decided to raise freight charges from April 1, 2000.

This is going to be a second increase in a period of four months wherein all the member shipping lines of IPBC will be charging $300 more on 40 feet container and $150 on 20 feet container.