The delegation, comprising ministers, officials press, men and women, pointed to the many obstacles preventing business in Pakistan and in all of South Asia from exploiting commercial opportunities to lift themselves out of poverty.

The EU agreed on the importance of developing countries' full integration in the world economy. Indeed, the EU has always believed that increased trade is essential to fight poverty for the benefit of current and future generations.

We do not believe this means developing countries have to choose between trade and aid. Both are important. This is maybe one of the most important lessons we draw from Johannesburg, and indeed it is a strong message coming from all three recent major international conferences: In Doha, the WTO launched a new trade round centred on development: the Doha Development Agenda. In Monterey, the UN Conference on Financing for Development stressed the importance of securing effective and predictable financing for trade related development programmes. And in Johannesburg, the UN World Summit on Sustainable Development spelled out the need for mutually supportive trade, development and environment policies.

The EU is getting organised to offer trade and aid in a more coherent manner. On the trade policy side, this means continuing to pursue development objectives — both unilaterally (as in the Everything But Arms initiative to eliminate tariffs and quotas for least developed country exports) and multilaterally in the Doha Development Agenda, where we are committed to negotiating a development friendly outcome with respect to market access and multilateral trade rules.

POULTRY EXPORT DISCUSSED

Federal Minister for Commerce and Industries Abdul Razak Dawood on Tuesday expressed the hope that Pakistan has potential to capture 15pc of poultry market valued at $6.75 million.

He was talking to a delegation of Pakistan Poultry Association.

Mr Dawood said that the total export of poultry/egg albumin stood at $2.71 million during July 2001 to June 2002 as compared to $1.86 million during the same period of 2000-2001 showing a growth of 46pc. The total world market of hatching eggs amounts to nearly $950 million.

Mr Razak said that the major markets for poultry sector are Kuwait, Saudi Arabia, UAE, Oman, Bangladesh, Egypt, Qatar, Libya, Singapore, Japan and Czech Republic. Other export countries especially of hatching eggs include Netherlands, France and India.

PAKISTAN RICE BOARD ON CARDS

Commerce Minister Abdul Razak Dawood said on Monday that constitution of fully powerful Pakistan Rice Board (PRB) was in the offing to give substantial boost to export of rice, enhance its productivity and ensure quality in management.

He was presiding over a meeting of the members of Rice Exporters Association of Pakistan (REAP).

Mr Razak termed this rice board to be fully powerful and autonomous in matters pertaining to rice exports, quality management, rice growth and high quality of milling. PRB will be headed by a chairman from the private sector and will bear all the stakeholders like farmers, growers, millers and exporters on it as members.

CGO UPSETS TEXTILE INDUSTRY BMR

The contradictory notifications issued by the Central Board of Revenue (CBR) are creating hurdles in the way of imports of capital goods such as plant and machinery. This is having an adverse impact at the time when investment in the country is picking up particularly in the textile industry.

The CBR has exempted plant and machinery, being imported for balancing, modernization and replacement (BMR), from customs duty and sales tax. This exemption given under SRO 554(I)/98 is inducing and accelerating investment needed for the industry in the shape of BMR.

DRAWBACK CLAIMS

The Central Board of Revenue (CBR) has directed all customs collectorates for immediate disposal of pending duty drawback claims to facilitate exporters.

To minimize the pendency of the duty drawback claims, the board paid out Rs5.4 billion to exporters during the first quarter (July-September) of the current financial year.

The CBR paid Rs26.4 billion under the head of duty drawback during 2001-02 against Rs16.4 billion it paid in 2000-01, showing an increase of 60.97 per cent.

BUSINESS COUNCIL

Federation of Pakistan Chambers of Commerce & Industry on Tuesday signed a cooperation agreement at Washington with US Chambers of Commerce and Industry for formation of Pakistan-US Joint Business Council. According to a fax message received from Washington, FPCCI president Iftikhar Ali Malik while addressing the august gathering at the signing ceremony said the agreement would open a new chapter in Pakistan-US trade relations.

BUSINESS BODY FORMED

Pakistan and Tunisia have agreed to establish a joint business committee to increase trade and economic cooperation between the two countries.

An agreement of cooperation was signed between Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and its Tunisian counterpart after the opening of 5th session of Pakistan Tunisia Joint Ministerial Commission, says a message received from Tunis.

EXPORT FINANCE RATE UNCHANGED

The exporters would continue to get export finance at 8 per cent markup for the seventh consecutive month in October 2002 as the State Bank has left the export refinance rate unchanged at 6.5 per cent. The SBP had last changed the export refinance rate in April.