Tag Archives: Trade

US and South Korea clinch new trade deal

US and South Korea clinch new trade deal

WASHINGTON: The United States and South Korea broke through a three-year deadlock to seal a sweeping free trade agreement, which President Barack Obama hoped would renew US leadership in Asia.
The agreement lifts tariffs on 95 percent of goods between the countries within five years, in what would be the largest US trade pact since the North American Free Trade Agreement with Canada and Mexico in 1994.
After nearly four days of talks in suburban Washington, negotiators

Indian High Commissioner calls for improved trade relations

LAHORE: The Indian High Commissioner Sharat Sabharwal has said that businessmen should strive to create a win-win situation for both Pakistan and India as the governments could only create a conducive environment for trade and it was up to the businessmen to take advantage.
The Indian High Commissioner expressed these views while he was talking at the Lahore Chamber of Commerce and Industry on Monday.
The High Commissioner said that the Indian economy had emerged as one of

Pakistan and Turkey to widen trade relations

LAHORE: Pakistan and Turkey need to promote cooperation in agriculture, industrial, trade, science and other sectors focusing on technological advancement. The consensus was developed at a meeting between 30-member Turkish delegation and the Executive Committee Members of Lahore Chamber of Commerce and Industry on Saturday.
LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad, Vice President Sohail Azhar, Honorary Consul General in Lahore Mian Tajjamal

EU sets trade deal for Pakistan

BRUSSELS: European Union governments have approved a raft of trade concessions for Pakistan, diplomats said on Thursday, a move to help the South Asian country rebound from July floods which caused nearly $10 billion of damage.
The final package is less extensive than the EU had hoped to agree but still covers 75 Pakistani exports – from cotton sheets to clothing and ethanol — which will be allowed to enter the EU duty-free from 2011, an EU spokesman said. The duty waiver now

APTMA demands removal of trade barriers on PSF

LAHORE: All Pakistan Textile Mills Association (APTMA) Chairman Gohar Ejaz has demanded the immediate withdrawal of six percent import duty and anti-dumping duty imposed on the import of Polyester Staple Fiber (PSF) to allow the textile industry to manufacture competitive blended textile products for both domestic and export markets.
An APTMA delegation, led by central Chairman APTMA, called upon the federal minister for textile industry and made a detailed presentation on the

UK trade offensive yields Rolls-Royce deal

BEIJING: British Prime Minister David Cameron’s efforts to double trade with China by 2015 received a boost on Tuesday when engine manufacturer Rolls-Royce won a $1.2-billion order from China Eastern Airlines.
Cameron, making his first visit to China since taking office in May, has aimed for annual trade of more than $100 billion with the world’s second-largest economy within five years.
The prime minister told British reporters he would bring up human rights issues with

Trade bodies to start protest against 3-day gas cut today

FAISALABAD: As a result of gas shutdowns, the trade organisations of Faisalabad under the umbrella of Faisalabad Chamber of Commerce and Industry (FCCI) have announced a series of hunger strikes, protest rallies, processions and sits-in throughout the city from today (Monday) as thousands of industrial workers are given termination notices causing a large-scale unemployment.
The decision was taken in an extraordinary meting of traders and business community held at FCCI at the

Pakistan and Canada move closer to sealing trade agreement

KARACHI: The Pakistan-Canada Bilateral Promotion and Protection Agreement (PCBPPA) is now close to being sealed, with the Canadian government sending a draft of the proposed agreement to the federal government for its feedback; it has been learned from reliable sources.
The Federal Board of Investment has recently issued a letter accompanied by the text of the draft agreement to the chief secretaries of Sindh, Punjab, Balochistan and Khyber Pakhtoonkhawa. Copies of the draft of

India, Japan PMs to confirm trade pact

India’s prime minister kicked off talks in Japan where the population giant and the high-tech nation planned to confirm a trade pact. Manmohan Singh, who arrived Sunday, and his counterpart Naoto Kan were also expected to stress the warm ties linking two of Asia’s biggest democracies at a time of high diplomatic tensions between Japan and China.
The two premiers are due to declare an economic partnership agreement at conclusion of their talks, with a formal signing

Amin Faheem leaves for regional trade summit

The Federal Minister for Commerce Makhdoom Amin Faheem has left for Moscow to attend a summit attended representatives of Russia, Tajikistan, Afghanistan and Pakistan.
According to officials, the three-day conference of commerce and trade ministers starts on October 22 and deliberations will be held on promoting cooperation in hydel wind, solar and coal based power projects as well as in primary sectors such as agriculture, irrigation, fisheries and dairy

PPP-media row – PA members trade blame

The scuffle between the Pakistan People’s Party (PPP) and the Pakistan Muslim League-Nawaz (PML-N) continued on Thursday in the provincial assembly over the issue of the PPP’s tug of war with a media group with the members levelling allegations at each other.
Punjab Law Minister Rana Sanaullah categorically announced in the House that the PPP should answer to the allegations levelled against it, adding that no individual could claim himself as the ‘champion of

President lauds EU initiative to grant trade concessions

ISLAMABAD: President Asif Ali Zardari has said that the government is vigorously pursuing the recent progress made in a meeting of the EU foreign ministers, which granted market access to Pakistani goods into the European trade markets.
The President was hopeful that such steps would boost Pakistan’s economy and address unemployment. According to the Presidency Spokesman, he said this while he was talking to the Chairman of All Pakistan Textile Mills Association (APTMA) Ejaz

Kaizan can help Pakistan expand trade: Japanese envoy

KARACHI: Japanese General of Karachi, Masaharu Sato, at a certificate distribution ceremony, expressed that Kaizan is imperative for the world and believed it can help Pakistan achieve numerous goals and objectives.
Sato informed the ceremony that the Kaizan technique is appropriate for any area, and helps individuals improve their careers, while corporations and industries can enhance their services and product output.
He said adoption of principles of Kaizan could

EU trade package clears another hurdle

LONDON: The European Commission has put forward a package covering 75 products worth up to 176 million pounds over two years to help Pakistan recover from the flood disaster and bolster political stability.
This emerged from the briefing Monday by David Martin, Scotland’s most senior member of the European Parliament (MEP), to Glasgow Central MP Anas Sarwar about the latest moves in the European Union (EU) proposal to grant Pakistan privileged access to EU markets.

Exports shows promising growth as trade balance worsens

KARACHI: Pakistan’s economic outlook gained a fillip in the strong exports growth of 16.7 percent in first quarter of 2010-11. From July-Sept 2010, the exports ascended to $5.179 billion compared to $4.437 billion at this time last year. However, on a negative note, imports also increased by 19.02 percent in first quarter of this fiscal and rose to $9.029 billion.
In terms of rupees the exports improved by 21.05 percent, to Rs443.44 billion in the wake of further devaluation of

Blockade of NATO supplies affecting traditional trade as well

Transporters forced to spend huge sums to secure cargo, frozen goods and edibles
The government’s decision to block supplies to NATO and US forces in Afghanistan is also affecting routine trade between the two countries, making uncertain the fate of stakeholders across the country, especially those in Khyber Pakhtunkhwa and the Tribal Areas.
The government barred NATO supplies through Pakistan to cross into Afghanistan last Thursday after NATO helicopters fired

Commerce Minister to consult stakeholders on EU trade concessions

The government has convened a meeting of stakeholders to evaluate the implications of the trade concessions offered by the European Union (EU). The meeting will be held in Karachi on October 14.
The Commerce Minister, Makhdoom Amin Fahim will consult stakeholders and officials of Trade Development Authority (TDA) of Pakistan and analyse the offered package. The Ministry of Commerce will also share its analysis on trade concessions with the stakeholders.
The meeting will