TRADE

 

Dec 28 - Jan 05, 2003

 

1.INTERNATIONAL

2. INDUSTRY

3. FINANCE

4. POLICY

5. TRADE

6. GULF

 

CKD BUSES EXEMPTED FROM CUSTOMS DUTY

The government exempted the buses in CKD condition from customs duty. The exemption would be allowed on import of buses in CKD condition whether CNG or diesel, which will be used for the sole purpose as specified by Small and Medium Enterprises Development Authority (Smeda), said a customs notification No SRO948.

 

The facility would be allowed only to those importers who would fulfil the following conditions:

The importer of CKD buses shall be made through Smeda; the importer shall, at the time of import such CKD buses, make a written declaration on the bill of entry to the effect that the CKD buses have been imported under this notification with exemption from payment of customs duty leviable under the first schedule to the Customs Act, 1969.

The exemption on such CKD buses would be granted only if it was covered by a special serially numbered certificate issued by Smeda addressed to the collector of customs indicating the required detailed particulars.

Smeda should specify the quantities and particulars of components in such knocked down condition as were in accordance with the approved deletion programme; the importer should, at the time of import, submit an indemnity bond in the form as set out by the CBR that the CKD buses, should be used for the sole purpose as specified by Smeda.

The CKD buses imported under this notification with exemption from payment of customs duty through Smeda should not be transferred to any other person or company except after obtaining necessary permission from Smeda.

RAW MATERIAL IMPORT ALLOWED FOR TV SETS

The Central Board of Revenue (CBR) has allowed the importers that have no manufacturing facility to import raw materials and components used in manufacturing of television sets.

The decision was notified by making amendments in the budgetary notification No SRO358 issued on June 15, 2002.

The government had earlier allowed only the manufacturers to import raw materials and component for manufacturing of TV sets. To utilize the ideal capacity in the TV industry, the government allowed the importers that did not have their own manufacturing facility to import raw materials and components for TV sets and get them manufactured from the vendors.

IRAQ TO BUY 50,000 TONS WHEAT

Iraq has agreed to buy at least 50,000 tons of milling wheat from private Pakistani exporters at 218 euros per ton, traders and government officials said.

They said the deal might eventually be much bigger, with exporters saying Iraq had expressed interest in buying 150,000 tons and a Pakistani official saying tenders for the export of 200,000 tons of wheat for Iraq would be issued next month.

Exporters had quoted a higher price to Iraq but eventually accepted a counter offer, they said.

"Iraq made a counter offer of 218 euro per ton last week," Hamid Gharib, an exporter approached by the Iraqi grain authority, told. "We have accepted their offer."

Baghdad plans to import around 500,000 tons of wheat under the 13th phase of the UN oil-for-food-programme.

IRAN ASKS PAKISTAN TO SET STANDARD FOR RICE

Iran has asked the commerce and finance ministry to set a "standard" for the Pakistani rice, to be met by Pakistani exporters of rice as per requirement of the Iranian importers.

This was stated by the leader of 36-member Iranian trade delegation, Dr Freydoon Entezari in a meeting with office-bearers of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on December 24 at Islamabad.

He said that Irani importers are facing problems of standard and quality of Pakistani rice when the commodity is tested at Iranian lab, says a press release of the FPCCI.

SINGAPORE INVESTORS VISIT TO BOOST TRADE

A high-level investors' delegation of Singapore is arriving on January 12 for a week-long visit to Pakistan to promote trade and economic relations between the two countries.

The delegation, comprising 25 top businessmen and investors of Singapore, would be staying in Pakistan till January 17 to explore opportunities for increased cooperation with their Pakistani counterparts.

BANKS TO PROVIDE LOANS TO SMES

Emphasis has been laid on adopting flexible collateral management system (CMS) for providing funds to small and medium enterprises (SMEs) exporters during their shipment phases to keep them competitive in the world market.

The issue was raised in a tripartite meeting organized by the Export Promotion Bureau (EPB), at its advisory centre between the representatives of State Bank of Pakistan (SBP), commercial banks and small and medium enterprises.

TRADE POLICY MAY BE REVISED

The government is likely to revise the trade policy 2002 by announcing more incentives for the enhancement of exports later this month.

Official sources told before announcing the incentives, the commerce minister, Humayun Akhtar Khan would discuss the trade policy with the senior officials of the commerce ministry on December 31.

The minister recently in a news conference has shown his displeasure over the trade policy 2002 and much delay in its implementation.