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 1. INTERNATIONAL   2. INDUSTRY
 3. FINANCE  4. POLICY
 5. TRADE  6. GULF

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TRADE

June 10 - 16, 2002

MALAYSIA TO IMPORT LIVESTOCK

Malaysia will import $0.3 million livestock from Pakistan on monthly basis. The order was obtained by a trade delegation of Pakistani meat exporters during a recent visit to Malaysia.

The visit was arranged by the Export Promotion Bureau, says an EBP press release issued on Thursday.

The exporters were confident of exporting $25 million meat to the country in the very first year. Malaysia's total annual meat imports stand at $220 million.

The delegation had meetings with the representatives of Associated Chinese Chamber of Commerce and Industry, Malay Chamber of Commerce and Industry, Malay Business and Industrialists Association (Penang Chapter) and other local associations. The delegation also met the officials of Department of veterinary Services, Ministry of Agriculture and food and representatives of Penang state authority.

EXPORTS STAND AT $8.710BN IN 11 MONTHS

Pakistan's exports during July-May period of the current financial year stood at $8,710 million. The figure is 0.97 per cent less than the exports recorded in the corresponding period of 2000-01.

These figures are very encouraging, keeping in view the regional stability during the current fiscal year, slow growth in major export markets and impact of September 11 events, says an EPB press release issued on Wednesday.

It says these figures look even more encouraging when compared with the IMF estimates for decline in exports of other Asian economies. Due to slow growth in the US and major European markets, exports of most of the countries in the Far East experienced declines ranging from 5pc to 15pc, according to IMF estimates.

The EPB release says Indian exports are expected to grow at a modest rate of 0.6 per cent but this is much below the growth rate of more than 19 per cent during the previous year.

OPENING OF LCS SLOWS DOWN

The process of opening letters of credit (LCs) for agriculture products has slowed down since the commodity markets are in state of panic over the government's possible move to levy 15 per cent general sales tax and five per cent import duty on the same.

"There is a wait-and-see position and importers are now reluctant to open fresh LCs, said chairman Karachi Wholesale Grocers Group (KWGG), Anis Majeed.

TRADE TEAM

Pakistani trade delegation has secured export orders worth $1 million from Vietnam and Philippines, while negotiations for $5 million exports are under process.

VALUE-ADDED EXPORTS ON RISE: RAZAK

The share of the value-added products in the country's exports has considerably increased during this fiscal year, says commerce minister Abdul Razak Dawood.

Speaking at a function on Monday, the minister said the share of value-added textile products in the total textile exports had increased to 57 per cent this year.

Pakistan expects its exports for the year to touch the figure $9 billion as against the actual target of $10.1 billion. The target was slashed in view of the adverse effects of 9/11 on the country's exports.

PAKISTAN, TAJIKISTAN AGREE TO BOOST TRADE

President Gen Pervez Musharraf and Tajikistan Prime Minister Akil Aliclov discussed ways and means to improve economic and trade relations at a meeting in the State Guest Home on Sunday.

The president arrived here ahead of an Asian summit being held in Kazakhstan's capital Almaty on Tuesday amid expectations that Pakistan and India would find a way to go back from the brink of war.

The Musharraf-Aliclov meeting took place just after the president arrived in the Central Asian state on a two-day official visit.

Briefing newsmen after the meeting, Information Minister Nisar A. Memon said that the Tajik prime minister had spoken of the friendly relations between the two countries bound together by history, culture, religion and geography.

The prime minister told the president that in ten years of independence, under the leadership of President Emomali Rahmanov, both the government and opposition had worked together for the economic development and for the betterment of Tajik people. He emphasized the need to enhance economic cooperation between the two countries in hydro-electricity, communications, energy and trade sectors.

The prime minister expressed desire for the establishment of a network of roads linking Tajikistan with Pakistan through Afghanistan for access to the Indian Ocean.

He thanked Pakistan for extending a $20 million loan in 1994 and said that out of it $13 million had been spent on the economic development of his country. He called for re-scheduling the loan over a long period and for the interest to be reduced because of the natural calamity which struck Tajikistan. He put greater emphasis on promotion of bilateralism and economic development.

JULY-APRIL ATT IMPORT UP

The import value of Afghan Transit Trade (ATT) increased by 2.41 per cent in April and 9.18 per cent in July-April period of the current financial year over the corresponding period of the last year.

Official sources told that following the interim set-up in Afghanistan, the Afghan traders had started importing goods under the ATT to take part in the reconstruction of the war-torn country.

They said the import value of ATT had been dropped to almost nil following the September 11 incident till December last year. However, in December and followed by April, the Afghan importers after being given security assurances started taking interest in importing goods under the ATT.