Pakistan's Economy - News and Updates
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ITFC gives $761m to Pakistan for energy imports
The Newspaper's Staff Reporter
Published November 11, 2021 - Updated a day ago
Logo of the International Islamic Trade Finance Corporation (ITFC). — Photo via ITFC website
ISLAMABAD: The International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank, and Pakistan on Wednesday signed an agreement under which the former would make available $761.5 million of syndicated loan for commodity financing, particularly oil and gas.
A financing agreement was formally signed by ITFC’s Chief Executive Officer Eng. Hani Salem Sonbol and Mian Asad Hayaud Din, Secretary Ministry of Economic Affairs (MEA) for their respective sides. The financing would be used for import of crude oil, refined petroleum products and LNG etc, an announcement said.
The facility has been made effective immediately and ready for utilisation by Pakistan State Oil Company Ltd (PSO), Pak Arab Refinery Ltd (Parco) and Pakistan LNG Ltd (PLL) for import of oil and gas.
This Syndicated Murabaha Financing facility is for a period of one year and is a part of umbrella Framework Agreement signed with ITFC in June 2021 for total envelop of $4.5bn ($1.5m annually) for a period of three years.
The facility will be helpful in financing oil and gas import bill and ease pressure on foreign exchange reserves. ITFC had so far arranged $7bn for import of oil and LNG from 2008 to 2021.
The $4.5bn financing signed by two sides in June this year is to be utilised by PSO, Parco and PLL for import of crude oil, refined petroleum products and LNG during the years 2021-2023.
Within the context of its trade integrated solutions approach, the framework agreement also covered ITFC’s support for trade related technical assistance projects in Pakistan, which will be selected jointly by both parties according to the national economic priorities and development plan of Pakistan.
The agreement also requires identification of other areas of cooperation at country and regional levels and to enhance and promote trade, trade capacities of relevant state authorities and financial institutions and trade cooperation in the country.
The ITFC had also committed in April 2018 a similar financing line for Pakistan for 2018-2020 term but utilisation finally could not cross $3bn as private refineries were unable to import crude under the facility which mostly limited to Parco and to some extent to PSO.
Pakistan’s oil import bill was $11.4bn last fiscal year but has been rising in recent months because of increasing trend in the international oil prices.
Pakistan had last year signed a $1.1bn trade financing facility for the current year which could not be fully utilised due to lower oil international oil prices, depressed demand in Pakistan and limitations of the refineries in availing Arabian crude.
Published in Dawn, November 11th, 2021
The Newspaper's Staff Reporter
Published November 11, 2021 - Updated a day ago
Logo of the International Islamic Trade Finance Corporation (ITFC). — Photo via ITFC website
ISLAMABAD: The International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank, and Pakistan on Wednesday signed an agreement under which the former would make available $761.5 million of syndicated loan for commodity financing, particularly oil and gas.
A financing agreement was formally signed by ITFC’s Chief Executive Officer Eng. Hani Salem Sonbol and Mian Asad Hayaud Din, Secretary Ministry of Economic Affairs (MEA) for their respective sides. The financing would be used for import of crude oil, refined petroleum products and LNG etc, an announcement said.
The facility has been made effective immediately and ready for utilisation by Pakistan State Oil Company Ltd (PSO), Pak Arab Refinery Ltd (Parco) and Pakistan LNG Ltd (PLL) for import of oil and gas.
This Syndicated Murabaha Financing facility is for a period of one year and is a part of umbrella Framework Agreement signed with ITFC in June 2021 for total envelop of $4.5bn ($1.5m annually) for a period of three years.
The facility will be helpful in financing oil and gas import bill and ease pressure on foreign exchange reserves. ITFC had so far arranged $7bn for import of oil and LNG from 2008 to 2021.
The $4.5bn financing signed by two sides in June this year is to be utilised by PSO, Parco and PLL for import of crude oil, refined petroleum products and LNG during the years 2021-2023.
Within the context of its trade integrated solutions approach, the framework agreement also covered ITFC’s support for trade related technical assistance projects in Pakistan, which will be selected jointly by both parties according to the national economic priorities and development plan of Pakistan.
The agreement also requires identification of other areas of cooperation at country and regional levels and to enhance and promote trade, trade capacities of relevant state authorities and financial institutions and trade cooperation in the country.
The ITFC had also committed in April 2018 a similar financing line for Pakistan for 2018-2020 term but utilisation finally could not cross $3bn as private refineries were unable to import crude under the facility which mostly limited to Parco and to some extent to PSO.
Pakistan’s oil import bill was $11.4bn last fiscal year but has been rising in recent months because of increasing trend in the international oil prices.
Pakistan had last year signed a $1.1bn trade financing facility for the current year which could not be fully utilised due to lower oil international oil prices, depressed demand in Pakistan and limitations of the refineries in availing Arabian crude.
Published in Dawn, November 11th, 2021
ITFC gives $761m to Pakistan for energy imports
The financing from ITFC will be used for import of crude oil, refined petroleum products and LNG, according to the government.
www.dawn.com
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Deal on Iran barter trade reached, Senate body told
ISLAMABAD: The Senate Standing Committee on Commerce was informed on Thursday that an agreement was reached with Iran regarding barter trade.
This was stated by commerce secretary Sualeh Faruqi in response to a question of Senator Fida Mohammad. The meeting was chaired by Senator Zeeshan Khanzada.
Mr Sualeh said due to lack of banking channels with Iran, some issues existed in trading with Tehran. The barter trade issue with Iran has been resolved, he informed. He further said that barter trade with Iran would start in a month.
The commerce secretary informed the Senate committee that being on the grey list had not any repercussions on Pakistan’s exports.
Commerce Adviser Razak Dawood briefed the committee on the GSP+ scheme. He noted that Pakistan’s exports to Europe have reached $9 billion mainly due to preferential access.
Mr Dawood informed the committee that the European Union (EU) was assuaged with Pakistan’s implementation of the GSP+ terms. Pakistan had kowtowed with most of the 27 conventions. He underlined that Pakistan had already addressed issues like eradication of child labour, freedom of speech, rights of journalists, rights of women, and others as per assigned indicators.
He asserted that the EU asked for expanding the range of exports to the European markets but exports to the region have not inflated as they should have because of weaknesses of our exporters.
Responding to a question, Mr Dawood remarked that under GSP+, 66 per cent of Pakistan’s tariff lines were on zero duties. EU exports increased by 47pc, he said, adding that trade with the EU is in Pakistan’s interest.
ISLAMABAD: The Senate Standing Committee on Commerce was informed on Thursday that an agreement was reached with Iran regarding barter trade.
This was stated by commerce secretary Sualeh Faruqi in response to a question of Senator Fida Mohammad. The meeting was chaired by Senator Zeeshan Khanzada.
Mr Sualeh said due to lack of banking channels with Iran, some issues existed in trading with Tehran. The barter trade issue with Iran has been resolved, he informed. He further said that barter trade with Iran would start in a month.
The commerce secretary informed the Senate committee that being on the grey list had not any repercussions on Pakistan’s exports.
Commerce Adviser Razak Dawood briefed the committee on the GSP+ scheme. He noted that Pakistan’s exports to Europe have reached $9 billion mainly due to preferential access.
Mr Dawood informed the committee that the European Union (EU) was assuaged with Pakistan’s implementation of the GSP+ terms. Pakistan had kowtowed with most of the 27 conventions. He underlined that Pakistan had already addressed issues like eradication of child labour, freedom of speech, rights of journalists, rights of women, and others as per assigned indicators.
He asserted that the EU asked for expanding the range of exports to the European markets but exports to the region have not inflated as they should have because of weaknesses of our exporters.
Responding to a question, Mr Dawood remarked that under GSP+, 66 per cent of Pakistan’s tariff lines were on zero duties. EU exports increased by 47pc, he said, adding that trade with the EU is in Pakistan’s interest.
Deal on Iran barter trade reached, Senate body told
Commerce secretary says barter trade with Iran will start in a month.
www.dawn.com
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The prairie fire of inflation
THE monetary policy statement released on Friday had several notable things to focus on but consider one for now: core inflation. This indicator measures inflation in a basket of goods that excludes food and energy prices, meaning it is largely immune to the supply-side pressures that the State Bank has been blaming for the rising inflation so far.
All year the State Bank has made it a point to mention that core inflation is not showing a rise like food and energy prices are, an observation that allowed it to argue that whatever inflation there is in the economy, it is due to factors like rising oil prices in global markets or temporary shortages of wheat due to a poor harvest. With this argument the central bank could successfully absolve itself of all responsibility to combat this inflation.
For example, back in May the State Bank could say “[w]hile core inflation has picked up in urban areas, price pressures are concentrated among a relatively confined set of items”. Based on this observation they decided no action was necessary by them to bring this trend under control. Then in July after observing that rising oil prices in world markets have substantially been offset by corresponding reductions in tax on the price of petrol and diesel within the country, they said “core inflation also fell over the last two months in both urban and rural areas, confirming the view that the energy and food-driven inflation highlighted in recent monetary policy statements has not seeped into general prices”.
In reality, by this point in time we were well on our way down inflation road. The exchange rate was gyrating madly and the rupee was sliding fast against the dollar. A fall in the value of the rupee imparts a strong inflationary impulse to the economy since ours is a heavily import-dependent economy, especially where energy is concerned, and energy price hikes transmit their effects horizontally to all other goods that are dependent on transport, combustion or electricity, for their valorisation and marketing.
That apple cart never made it past November, when the State Bank was forced to pull up the date for its monetary policy decision by a week and announce a large hike of 1.5pc in one go. In the statement accompanying that decision, the State Bank was forced to admit that “core inflation has also picked up in the last two months”, showing up in items like “house rents, cloth and garments, medicines, footwear and other components”. The inflationary tide showed up in a broad range of goods far beyond food and energy, forcing the central bank to acknowledge that it could no longer be business as usual.
Read: Imperative to gear policy to give equal weight to stability and growth, says Reza Baqir
This creeping trend is characteristic of what happens when inflation is being driven by monetary factors. An expansion in the money supply shows up first as growth, then as exchange rate pressures, then as inflation confined to a narrow segment of goods that are sensitive to exchange rate movements, before it seeps into the overall price level. It can take up to a year to complete this journey, meaning money supply growth today will show up as inflation next year.
That is what has happened here. From a central banking point of view, the situation is somewhat akin to a firefighter who stands and watches as the fire rises, comfortable in the assurance that it is small and manageable, even if he or she can see that the fire is surrounded by combustible material. Waiting for the flames to spread before acting would be folly for that firefighter. Similarly, waiting till inflation has “seeped into general prices” before acting, even as all data shows elevated monetary aggregates and mounting exchange rate pressures, is folly for a central banker.
Central banking is tricky business. First and foremost, the job of a central banker is to watch the money supply, unlike a businessman or a businesswoman whose job is to count the money, more specifically his or her own. The central banker by contrast has to take a panoramic view. Too much money and it will fuel inflation. Too little and it will choke the engines of growth in the economy. Getting the supply just right takes skill, it takes mind and vigilance, and perhaps also a dash of integrity to stand up to the pressures that are pushing you to throw money into the economy to produce a short-lived feel-good factor, since everybody else is only interested in counting their money, not curating the overall supply in the economy.
This is where things went wrong. They sat and watched as the alarms were sounding from May onwards, starting with the sharp slide in the exchange rate, fuelling inflation pressures even further. They moved lethargically in September (but at least they moved) but were still not sufficiently alive to what was actually driving this slide. On Saturday morning, the IMF told us that inflation will only start to decline “once the pass-through of rupee depreciation is absorbed” into the price system, and temporary supply and demand pressures dissipate. This is a classic, textbook case of an overheating economy. And bringing this prairie fire under control is now priority number one for the government not gunning for more growth.
The writer is a business and economy journalist.
khurram.husain@gmail.com
Twitter: @khurramhusain
THE monetary policy statement released on Friday had several notable things to focus on but consider one for now: core inflation. This indicator measures inflation in a basket of goods that excludes food and energy prices, meaning it is largely immune to the supply-side pressures that the State Bank has been blaming for the rising inflation so far.
All year the State Bank has made it a point to mention that core inflation is not showing a rise like food and energy prices are, an observation that allowed it to argue that whatever inflation there is in the economy, it is due to factors like rising oil prices in global markets or temporary shortages of wheat due to a poor harvest. With this argument the central bank could successfully absolve itself of all responsibility to combat this inflation.
For example, back in May the State Bank could say “[w]hile core inflation has picked up in urban areas, price pressures are concentrated among a relatively confined set of items”. Based on this observation they decided no action was necessary by them to bring this trend under control. Then in July after observing that rising oil prices in world markets have substantially been offset by corresponding reductions in tax on the price of petrol and diesel within the country, they said “core inflation also fell over the last two months in both urban and rural areas, confirming the view that the energy and food-driven inflation highlighted in recent monetary policy statements has not seeped into general prices”.
In reality, by this point in time we were well on our way down inflation road. The exchange rate was gyrating madly and the rupee was sliding fast against the dollar. A fall in the value of the rupee imparts a strong inflationary impulse to the economy since ours is a heavily import-dependent economy, especially where energy is concerned, and energy price hikes transmit their effects horizontally to all other goods that are dependent on transport, combustion or electricity, for their valorisation and marketing.
By September things were beginning to change. “Core inflation also fell in both urban and rural areas in August,” observed the State Bank, before adding, “[n]evertheless, the momentum of prices remains relatively elevated, with month-on-month increases of 1.3 per cent in July and 0.6 per cent in August”. Despite a fall in core inflation the inflationary tide seemed to have breached its more limited confines and was showing up in a broader category of goods. Partially in recognition of this fact, the State Bank raised interest rates by a nominal 0.25pc, ending the prolonged period of “accommodative monetary settings” and signalled further rate hikes to come, albeit in a manner that would be “gradual and measured”.
That apple cart never made it past November, when the State Bank was forced to pull up the date for its monetary policy decision by a week and announce a large hike of 1.5pc in one go. In the statement accompanying that decision, the State Bank was forced to admit that “core inflation has also picked up in the last two months”, showing up in items like “house rents, cloth and garments, medicines, footwear and other components”. The inflationary tide showed up in a broad range of goods far beyond food and energy, forcing the central bank to acknowledge that it could no longer be business as usual.
Read: Imperative to gear policy to give equal weight to stability and growth, says Reza Baqir
This creeping trend is characteristic of what happens when inflation is being driven by monetary factors. An expansion in the money supply shows up first as growth, then as exchange rate pressures, then as inflation confined to a narrow segment of goods that are sensitive to exchange rate movements, before it seeps into the overall price level. It can take up to a year to complete this journey, meaning money supply growth today will show up as inflation next year.
That is what has happened here. From a central banking point of view, the situation is somewhat akin to a firefighter who stands and watches as the fire rises, comfortable in the assurance that it is small and manageable, even if he or she can see that the fire is surrounded by combustible material. Waiting for the flames to spread before acting would be folly for that firefighter. Similarly, waiting till inflation has “seeped into general prices” before acting, even as all data shows elevated monetary aggregates and mounting exchange rate pressures, is folly for a central banker.
Central banking is tricky business. First and foremost, the job of a central banker is to watch the money supply, unlike a businessman or a businesswoman whose job is to count the money, more specifically his or her own. The central banker by contrast has to take a panoramic view. Too much money and it will fuel inflation. Too little and it will choke the engines of growth in the economy. Getting the supply just right takes skill, it takes mind and vigilance, and perhaps also a dash of integrity to stand up to the pressures that are pushing you to throw money into the economy to produce a short-lived feel-good factor, since everybody else is only interested in counting their money, not curating the overall supply in the economy.
This is where things went wrong. They sat and watched as the alarms were sounding from May onwards, starting with the sharp slide in the exchange rate, fuelling inflation pressures even further. They moved lethargically in September (but at least they moved) but were still not sufficiently alive to what was actually driving this slide. On Saturday morning, the IMF told us that inflation will only start to decline “once the pass-through of rupee depreciation is absorbed” into the price system, and temporary supply and demand pressures dissipate. This is a classic, textbook case of an overheating economy. And bringing this prairie fire under control is now priority number one for the government not gunning for more growth.
The writer is a business and economy journalist.
khurram.husain@gmail.com
Twitter: @khurramhusain
The prairie fire of inflation
The inflationary tide showed up in a broad range of goods far beyond food and energy.
www.dawn.com
farok84
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Cabinet approves $4.2b Saudi loan package
Minister says much-need hard cash to help stabilise exchange rate
Shahbaz Rana
November 28, 2021
Prime Minister Imran Khan chairs meeting of the federal cabinet held in Islamabad. PHOTO: PID/FILE
ISLAMABAD:
The federal cabinet on Saturday approved two loan agreements worth $4.2 billion reached with Saudi Arabia, including the $3 billion cash deposit that the kingdom has extended for a period of one year but can withdraw it anytime by giving a three-day notice.
Pakistan will pay 4% interest on the cash deposit and 3.8% on the oil on deferred payment facility, according to the terms agreed between both countries. Unlike in the past, this time there is also no option for rollover of the Saudi loan and the country will have to return it at once after one year.
“The cabinet has approved the $3 billion cash deposit agreement and $1.2 billion oil on deferred facility agreement through the circulation of summaries,” Federal Minister for Information and Broadcasting Fawad Chaudhry confirmed to The Express Tribune. The minister said that the Saudi package will also help stabilise the rupee-dollar parity.
The finance ministry sources said that the $3 billion cash facility has been secured at an interest rate of 4%. The rate is by one-fourth times higher than the previous similar facility that Pakistan had obtained at a 3.2% interest rate.
At the new rate, Pakistan will pay $120 million interest on the loan – up by $24 million when compared with the 2018 similar facility.
At the conclusion of Prime Minister Imran Khan’s visit to the kingdom last month, Saudi Arabia had announced financial assistance to Pakistan.
The sources said Pakistan had to accept tough loan conditions due to the prevailing external sector vulnerabilities. They added that talks for another similar loan facility from a friendly country were also underway, which were expected to be concluded soon.
The cabinet also approved to avail $100 million per month oil facility on deferred payment for one year. “The country will pay 3.8% interest on the amount,” said the sources.
The sources said that under the agreement Pakistan will repay $3 billion to Saudi Arabia no later than one year from the date of the deposit. Saudi Arabia can also demand to immediately return the money in case of a sovereign default by Pakistan, said the sources.
According to another important clause of the agreement, the sources said, Pakistan will be bound to return $3 billion to Saudi Arabia within 72 hours of a written request by Saudi Arabia at any time during the term of the agreement.
“Saudi Arabia has also spelled out the terms of defaults, which would lead to the immediate withdrawal of the cash deposits,” said the sources.
A delay in timely interest payment would be deemed as default on the agreement. The failure by Pakistan to comply with any provision of the cash deposit agreement will lead to default. Also, Pakistan’s failure to service the public external debt of over $100 million will be deemed as default, said the sources.
An end to the IMF membership will also be treated as default, said the sources.
The finance ministry sources said that in case of a dispute, Saudi law will be applicable. However, Pakistan has surrendered its sovereign claim of immunity from suit, execution, attachment or other legal processes in relation to the $3 billion cash deposit agreement, the sources added.
The Express Tribune had sent questions to the finance ministry spokesperson, Yousaf Khan, who is also the additional secretary in-charge. But till the filing of the story, the ministry did not reply to the questions about the cost of the $3 billion borrowing, the time period of the lending facility and the reasons for surrendering the sovereign immunity.
The sources said that the office of the Attorney General for Pakistan had cautioned the finance ministry that waiver of the sovereign immunity may carry serious implications for the country.
However, the finance ministry sources said that such an eventuality would never occur as Pakistan never defaulted on its international payments obligations.
tribune.com.pk
www.finance.gov.pk
Minister says much-need hard cash to help stabilise exchange rate
Shahbaz Rana
November 28, 2021
Prime Minister Imran Khan chairs meeting of the federal cabinet held in Islamabad. PHOTO: PID/FILE
ISLAMABAD:
The federal cabinet on Saturday approved two loan agreements worth $4.2 billion reached with Saudi Arabia, including the $3 billion cash deposit that the kingdom has extended for a period of one year but can withdraw it anytime by giving a three-day notice.
Pakistan will pay 4% interest on the cash deposit and 3.8% on the oil on deferred payment facility, according to the terms agreed between both countries. Unlike in the past, this time there is also no option for rollover of the Saudi loan and the country will have to return it at once after one year.
“The cabinet has approved the $3 billion cash deposit agreement and $1.2 billion oil on deferred facility agreement through the circulation of summaries,” Federal Minister for Information and Broadcasting Fawad Chaudhry confirmed to The Express Tribune. The minister said that the Saudi package will also help stabilise the rupee-dollar parity.
The finance ministry sources said that the $3 billion cash facility has been secured at an interest rate of 4%. The rate is by one-fourth times higher than the previous similar facility that Pakistan had obtained at a 3.2% interest rate.
At the new rate, Pakistan will pay $120 million interest on the loan – up by $24 million when compared with the 2018 similar facility.
At the conclusion of Prime Minister Imran Khan’s visit to the kingdom last month, Saudi Arabia had announced financial assistance to Pakistan.
The sources said Pakistan had to accept tough loan conditions due to the prevailing external sector vulnerabilities. They added that talks for another similar loan facility from a friendly country were also underway, which were expected to be concluded soon.
The cabinet also approved to avail $100 million per month oil facility on deferred payment for one year. “The country will pay 3.8% interest on the amount,” said the sources.
The sources said that under the agreement Pakistan will repay $3 billion to Saudi Arabia no later than one year from the date of the deposit. Saudi Arabia can also demand to immediately return the money in case of a sovereign default by Pakistan, said the sources.
According to another important clause of the agreement, the sources said, Pakistan will be bound to return $3 billion to Saudi Arabia within 72 hours of a written request by Saudi Arabia at any time during the term of the agreement.
“Saudi Arabia has also spelled out the terms of defaults, which would lead to the immediate withdrawal of the cash deposits,” said the sources.
A delay in timely interest payment would be deemed as default on the agreement. The failure by Pakistan to comply with any provision of the cash deposit agreement will lead to default. Also, Pakistan’s failure to service the public external debt of over $100 million will be deemed as default, said the sources.
An end to the IMF membership will also be treated as default, said the sources.
The finance ministry sources said that in case of a dispute, Saudi law will be applicable. However, Pakistan has surrendered its sovereign claim of immunity from suit, execution, attachment or other legal processes in relation to the $3 billion cash deposit agreement, the sources added.
The Express Tribune had sent questions to the finance ministry spokesperson, Yousaf Khan, who is also the additional secretary in-charge. But till the filing of the story, the ministry did not reply to the questions about the cost of the $3 billion borrowing, the time period of the lending facility and the reasons for surrendering the sovereign immunity.
The sources said that the office of the Attorney General for Pakistan had cautioned the finance ministry that waiver of the sovereign immunity may carry serious implications for the country.
However, the finance ministry sources said that such an eventuality would never occur as Pakistan never defaulted on its international payments obligations.
Cabinet approves $4.2b Saudi loan package | The Express Tribune
Minister says much-need hard cash to help stabilise exchange rate
tribune.com.pk
| Ministry of Finance | Government of Pakistan |
www.finance.gov.pk
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E-commerce helps Pakistan salt rock open Chinese market
BEIJING, Dec 6 (APP):Himalayan salt rock from Pakistan is becoming known to a growing number of Chinese consumers as edible salt. In recent years, salt rock products such as Pakistan salt lamp, bath salt, and salt rock plate used for steam sauna have also become popular in China.
“Through the e-commerce platform, the sales of our related products are very considerable. Especially during the recent online shopping carnivals including November 11 and December 12, Himalayan salt rock products from Pakistan are being accepted by more and more Chinese people through e-commerce platforms,” Manager of Ciaodo, the biggest Taobao shop for Pakistani rock salt said on Monday.
November 11th, a day that e-commerce companies have turned into the world’s biggest for online shopping by offering a stream of promotions and discounts.
Taking this opportunity, Alibaba’s e-commerce platforms, Taobao and Tmall, have enabled the sales of rock salt products in Pakistan to perform well. Ciaodo has sold over 300 Himalayan salt lamp products on that occasion, China Economic Net (CEN) reported.
They said that indeed, e-commerce platforms have boosted sales and, more importantly, through these channels, the huge Chinese market is embracing Himalayan salt lamps gradually and laying a solid foundation for more Pakistani products being exported to China.
The combination of online and offline forms has improved the sales channels of Himalayan salt lamps in China. Ciaodo believes that China International Import Expo (CIIE) has significantly raised the popularity of salt lamps in China.
The manager said that CIIE was very effective in promoting Himalayan salt lamps. After the closing of the 4th CIIE this year, many Chinese consumers who learned about Pakistan salt lamps found our Taobao shop and bought our products.
Because salt lamps are heavy, more consumers are more willing to buy them on e-commerce platforms after learning about them through offline channels.
Chinese consumers’ love for salt lamps is obvious.
“There is no bad feedback for our salt lamps and we have a lot of repeat customers. Chinese consumers value it for its decorative, practical and, most importantly, health benefits. Most of the Chinese customers who bought Himalayan salt lamps will come back and buy some more to give to others or put in more places,” Ciaodo said.
Salt Lamp still faces some challenges in exporting to China, and e-commerce platforms are addressing these issues.
Ciaodo said, “We started selling Himalayan edible salt in 2017 and started selling salt lamps in the last two years. The biggest difficulty of this product is that its popularity is still deficient and the target consumer group is limited. But the situation is improving thanks to CIIE and e-commerce platforms. In addition, the salt lamp is still a crude processed product.
“We are also trying to design new salt rock products to maximize the good e-commerce sales environment in China and make more people like the salt lamp from Pakistan.”
In addition to edible salt and salt lamps, bath salt and salt plates for sauna are also gradually becoming popular in the Chinese market.
Ciaodo said that many Pakistani rock salt sellers in China are looking forward to the performance of this kind of rock salt products in the Chinese market in the future, which will become another huge business opportunity.
BEIJING, Dec 6 (APP):Himalayan salt rock from Pakistan is becoming known to a growing number of Chinese consumers as edible salt. In recent years, salt rock products such as Pakistan salt lamp, bath salt, and salt rock plate used for steam sauna have also become popular in China.
“Through the e-commerce platform, the sales of our related products are very considerable. Especially during the recent online shopping carnivals including November 11 and December 12, Himalayan salt rock products from Pakistan are being accepted by more and more Chinese people through e-commerce platforms,” Manager of Ciaodo, the biggest Taobao shop for Pakistani rock salt said on Monday.
November 11th, a day that e-commerce companies have turned into the world’s biggest for online shopping by offering a stream of promotions and discounts.
Taking this opportunity, Alibaba’s e-commerce platforms, Taobao and Tmall, have enabled the sales of rock salt products in Pakistan to perform well. Ciaodo has sold over 300 Himalayan salt lamp products on that occasion, China Economic Net (CEN) reported.
They said that indeed, e-commerce platforms have boosted sales and, more importantly, through these channels, the huge Chinese market is embracing Himalayan salt lamps gradually and laying a solid foundation for more Pakistani products being exported to China.
The combination of online and offline forms has improved the sales channels of Himalayan salt lamps in China. Ciaodo believes that China International Import Expo (CIIE) has significantly raised the popularity of salt lamps in China.
The manager said that CIIE was very effective in promoting Himalayan salt lamps. After the closing of the 4th CIIE this year, many Chinese consumers who learned about Pakistan salt lamps found our Taobao shop and bought our products.
Because salt lamps are heavy, more consumers are more willing to buy them on e-commerce platforms after learning about them through offline channels.
Chinese consumers’ love for salt lamps is obvious.
“There is no bad feedback for our salt lamps and we have a lot of repeat customers. Chinese consumers value it for its decorative, practical and, most importantly, health benefits. Most of the Chinese customers who bought Himalayan salt lamps will come back and buy some more to give to others or put in more places,” Ciaodo said.
Salt Lamp still faces some challenges in exporting to China, and e-commerce platforms are addressing these issues.
Ciaodo said, “We started selling Himalayan edible salt in 2017 and started selling salt lamps in the last two years. The biggest difficulty of this product is that its popularity is still deficient and the target consumer group is limited. But the situation is improving thanks to CIIE and e-commerce platforms. In addition, the salt lamp is still a crude processed product.
“We are also trying to design new salt rock products to maximize the good e-commerce sales environment in China and make more people like the salt lamp from Pakistan.”
In addition to edible salt and salt lamps, bath salt and salt plates for sauna are also gradually becoming popular in the Chinese market.
Ciaodo said that many Pakistani rock salt sellers in China are looking forward to the performance of this kind of rock salt products in the Chinese market in the future, which will become another huge business opportunity.
farok84
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Gas crisis aggravates: GUNVOR again backs out of LNG cargo delivery
The non-availability of term cargo on January 10 will further worsen the ongoing gas crisis in the country.
By Khalid Mustafa
December 20, 2021
ISLAMABAD: Singapore based LNG trading company -- GUNVOR has intimated the authorities in the government that it will not be able to deliver its term LNG cargo which is due on January 10, 2022 by claiming the force majeure. However, it has not yet informed Pakistan LNG Limited as to when this term cargo will be provided, a well placed senior official at the Energy Ministry told The News.
He said that technically it will be a second default by GUNVOR in a row in the current winter season 2021-22, as it earlier defaulted from the provision of the term cargo on November 19-20, 2021. The Italian company ENI also defaulted on November 26-27, 2021 from the delivery of its term cargo. ENI had earlier backed out of its term LNG cargo in August, 2021. “And this is how both the LNG trading companies have defaulted twice. The intimation of non-availability of LNG cargo from GUNVOR comes at a time when LNG price in the spot market is hovering at $35-40 per MMBTU.”
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The non-availability of term cargo on January 10 will further worsen the ongoing gas crisis in the country. From December 15, the government has already cut gas supply to the export sector in Punjab apart from shutting down the non- export industry and CNG sector. So much so, the domestic consumers are also facing massive shortages across the country even at breakfast, lunch and dinner times and people are forced to purchase food, roti, nan and even tea from hotels at higher prices.
However, the Managing Director of Pakistan LNG Limited (PLL) didn’t respond to the question when asked if GUNVOR has again defaulted from the LNG cargo which is due to be delivered on January 10, 2022.
The Energy Ministry’s top officials disclosed that the demand of gas for the domestic sector in Punjab and KPK has gone up to 800-900 mmcfd which in January is expected to further jack up to 1200 mmcfd for the domestic sector as the mercury is estimated to further the tumble in January. The system gas production has already dwindled by 1 billion cubic feet from 4200 mmcfd to just 3200 mmcfd. And because of the failure of the authorities in ensuring the 4 spot LNG cargoes (2 each in December and January) and default by GUNVOR on January 10, the gas crisis has worsened more.
Keeping in view the given situation, there is no gas available in the system enough to accommodate Textile industry in Punjab even at $9 per MMBTU, the official said. “Yes, we can accommodate the textile industry at $ 9 per MMBTU only after reducing the LNG supply to the power sector and cutting the gas to the fertilizer sector.”
In low winter, the earlier fertilizer sector was never given gas, it was only provided the gas in peak winter season.
The official said that it is high time for the government to utilize the furnace oil which is available in abundance in the country for power generation and divert the gas to export industry at $9 per MMBTU.
“We started the winter season this time with a shortfall of 360 mmcfd in Punjab and KPK.”
To a question he said that ENI and GUNVOR which earlier defaulted in the month of November has not yet given an undertaking to provide the term cargoes as replacement in other months as they are more keen to be penalized. The penalty is equaly the 30 percent of the value of the term cargo.
Under the term agreements with Pakistan LNG Limited, Italy-based ENI is bound to provide LNG cargo every month at 11.95% of the Brent and GUNVOR is also in a 5 year term agreement and bound to provide a cargo at 11.6247% of the Brent. Under the contract, in case of default, PLL can impose a penalty of 30 percent of the contractual price of one cargo to each LNG Company and both the companies are ready to pay the penalty as the profit in the spot market is so huge which has prompted them to sell Pakistan’s term cargo to the international market. PLL has inked the term agreements with both the companies to avoid purchasing of LNG cargoes at higher prices, but both the companies have backed out and defaulted the agreements twice.
www.thenews.com.pk
The non-availability of term cargo on January 10 will further worsen the ongoing gas crisis in the country.
By Khalid Mustafa
December 20, 2021
ISLAMABAD: Singapore based LNG trading company -- GUNVOR has intimated the authorities in the government that it will not be able to deliver its term LNG cargo which is due on January 10, 2022 by claiming the force majeure. However, it has not yet informed Pakistan LNG Limited as to when this term cargo will be provided, a well placed senior official at the Energy Ministry told The News.
He said that technically it will be a second default by GUNVOR in a row in the current winter season 2021-22, as it earlier defaulted from the provision of the term cargo on November 19-20, 2021. The Italian company ENI also defaulted on November 26-27, 2021 from the delivery of its term cargo. ENI had earlier backed out of its term LNG cargo in August, 2021. “And this is how both the LNG trading companies have defaulted twice. The intimation of non-availability of LNG cargo from GUNVOR comes at a time when LNG price in the spot market is hovering at $35-40 per MMBTU.”
Related Stories
- Engro mulls building onshore LNG terminal costing up to $600mln
- ‘Hike in RLNG price in Punjab to hurt textile exports’
The non-availability of term cargo on January 10 will further worsen the ongoing gas crisis in the country. From December 15, the government has already cut gas supply to the export sector in Punjab apart from shutting down the non- export industry and CNG sector. So much so, the domestic consumers are also facing massive shortages across the country even at breakfast, lunch and dinner times and people are forced to purchase food, roti, nan and even tea from hotels at higher prices.
However, the Managing Director of Pakistan LNG Limited (PLL) didn’t respond to the question when asked if GUNVOR has again defaulted from the LNG cargo which is due to be delivered on January 10, 2022.
The Energy Ministry’s top officials disclosed that the demand of gas for the domestic sector in Punjab and KPK has gone up to 800-900 mmcfd which in January is expected to further jack up to 1200 mmcfd for the domestic sector as the mercury is estimated to further the tumble in January. The system gas production has already dwindled by 1 billion cubic feet from 4200 mmcfd to just 3200 mmcfd. And because of the failure of the authorities in ensuring the 4 spot LNG cargoes (2 each in December and January) and default by GUNVOR on January 10, the gas crisis has worsened more.
Keeping in view the given situation, there is no gas available in the system enough to accommodate Textile industry in Punjab even at $9 per MMBTU, the official said. “Yes, we can accommodate the textile industry at $ 9 per MMBTU only after reducing the LNG supply to the power sector and cutting the gas to the fertilizer sector.”
In low winter, the earlier fertilizer sector was never given gas, it was only provided the gas in peak winter season.
The official said that it is high time for the government to utilize the furnace oil which is available in abundance in the country for power generation and divert the gas to export industry at $9 per MMBTU.
“We started the winter season this time with a shortfall of 360 mmcfd in Punjab and KPK.”
To a question he said that ENI and GUNVOR which earlier defaulted in the month of November has not yet given an undertaking to provide the term cargoes as replacement in other months as they are more keen to be penalized. The penalty is equaly the 30 percent of the value of the term cargo.
Under the term agreements with Pakistan LNG Limited, Italy-based ENI is bound to provide LNG cargo every month at 11.95% of the Brent and GUNVOR is also in a 5 year term agreement and bound to provide a cargo at 11.6247% of the Brent. Under the contract, in case of default, PLL can impose a penalty of 30 percent of the contractual price of one cargo to each LNG Company and both the companies are ready to pay the penalty as the profit in the spot market is so huge which has prompted them to sell Pakistan’s term cargo to the international market. PLL has inked the term agreements with both the companies to avoid purchasing of LNG cargoes at higher prices, but both the companies have backed out and defaulted the agreements twice.
Gas crisis aggravates: GUNVOR again backs out of LNG cargo delivery
ISLAMABAD: Singapore based LNG trading company -- GUNVOR has intimated the authorities in the government that it will not be able to deliver its term LNG cargo which is due on January 10, 2022 by...
www.thenews.com.pk
farok84
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Pakistan, Russia to develop financial infrastructure
Mushtaq Ghumman Updated 21 Dec 2021
ISLAMABAD: Pakistan and Russia have reportedly agreed to develop bilateral financial infrastructure through their central banks aimed at facilitating trade, investment activities, etc., well informed sources told Business Recorder.
This consensus was evolved at the 7th Session of Pak-Russia Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation held recently in Yekaterinburg city of the Russian Federation. Pakistani side was led by Minister for Economic Affairs, Omar Ayub Khan.
According to sources, Pakistan side expressed interest in connecting to the financial messaging system of the Bank of Russia (SPFS). Both sides resolved to recommend to their central banks to hold consultations about connecting Pakistani financial institutions to SPFS to engage in secure exchange of financial information with its Russian partners.
The Commission recommended that the Bank of Russia and the State Bank of Pakistan should render their assistance in developing the Russian-Pakistani financial infrastructure (in particular with regard to correspondent banking relationships, as well as, establishing branches and subsidiaries on a reciprocal basis), provided that banks and financial development institutions are interested in such assistance.
Energy Sector: Both governments would make all possible efforts to facilitate the implementation of the “Pakistan Stream” project.
The two sides agreed to follow the arrangements specified in the protocol of amendment to the Intergovernmental Agreement of May 28, 2021, and the main terms and cooperation for the project (Head of Terms) of July 15, 2021.
The two sides have developed the “discussion draft” of the Shareholders Agreements for the Special Purpose Company (SPC) for construction of the “Pakistan Stream” gas pipeline project and will take it to the final level through mutual consultation.
The two sides agreed to sign the Shareholders Agreement and Facilitation Agreement for the “Pak Stream” gas pipeline by February 15, 2021; and agreed to sign statutory documents of the Special Purpose Company (SPC) for the construction of the “Pakistan Stream” gas pipeline by January 31, 2022.
The Commission noted the interest of the Russian and Pakistan sides to continue interaction in order to explore the opportunities and prospects for mutually beneficial cooperation in oil and gas sector in Pakistan and third countries including implementation of prospective joint projects in gas exploration and production.
The Commission noted the proposal from the Russian side to Pakistani side to study prospects of implementation of the system of Production of Facilities Monitoring (SPFM) software, developed by Gazprom EP International B.V, for oil and gas fields’ production facilities in Pakistan.
4th Russia-Pakistan JTC meeting concludes successfully
The Commission noted the interest of Pakistan Petroleum Limited (PPL), Oil and Gas Development Company Limited (OGDCL) and Mari Petroleum Company Limited (MPCL) to work jointly with Russian oil and gas companies in offshore and onshore ventures of Pakistan, as well as, outside Pakistan.
The Commission noted that both sides wished to continue interaction including the implementation of prospective joint projects in pipeline construction.
The Russian side agreed to the Pakistan side proposal for consideration of its mineral resource sector (copper, gold, iron, lead, and zinc ores of Balochistan, KP and Punjab) for technical/ economic cooperation and investment and constitution of a sub-working group comprising of mineral sector experts of the two countries to identify possible areas of cooperation/ investment particularly upgradation of basin survey and data management.
The Russians informed the Pakistani side about the interest of the Russian company Digital Industrial Platform LLC (a joint venture of Gazprom Neft PJSC and Zyfra LLC) in developing fruitful cooperation with Pakistani oil & gas companies including but not limited to OGDCL, PSO, SNGPL and SSGCL in implementing and jointly developing and marketing the industrial digital solutions for oil & gas sector. The two sides also supported an interest of Habib Rafiq Engineering (Pvt.) LTD and its subsidiaries or associates to cooperate with Digital Industrial Platform LLC (a joint venture of Gazprom Neft PJSC and Zyfra LLC) in jointly exploring the opportunities for developing, marketing and implementing the industrial digital solutions for oil & gas sector in the Pakistani market on open industrial IoT platform.
The Commission noted that PSO also floats tenders for import of LNG from time to time and is looking forward to the participation of Russian companies in future tenders.
The Commission noted the proposal of Pakistani side to explore possibilities for investment in Pakistan by Russian Companies in: (i) setting up of refineries; (ii) existing refineries upgradation; (iii) virtual LNG pipelines; (iv) onshore storage of LNG; (v) strategic oil storages; and (vi) strategic gas storages (under this point the Pakistan side will consider the proposal from the Russian side to develop underground gas storages in continuation of the “ Pakistan Stream” project).
Both sides noted the need to develop bilateral cooperation in the field of hydropower and renewable energy sources; and supported the interest of power Machines JSC to participate in the bidding process of electro- mechanical works for the construction of the second stage of the Dasu HPP, as well as, to participate in other prospective projects in the power industry of Pakistan.
Pakistan eyes stronger economic ties with Russia through PSGP project
The Russian side confirmed its interest in supplying and after-sales service of Russian civil aircrafts of interest to the Pakistani state and commercial organizations subject to compliance with ICAO standards and PCAA rules and regulations.
The Russian side noted that Ulyanovsky Avtomobilny Zavo LLC (UAZ LLC) is interested in supply of assembled vehicles for state and private customers and implementation of the vehicle assembly project (DKD/SKD) kits) in Pakistan. The Russian side will share the details on supply of assembled vehicles for state and private customers.
The Russians further indicated the interest of the Russian company Almaz-Antey JSC in supplying air navigation and air space control systems, weather radar, medical equipment, etc. to Pakistan.
The Russian Side informed the Pakistan side about the interest of the Russian company Azimut JSC in promoting navigation surveillance and communication systems of civil airfields, air navigation equipment and access control systems to Pakistan.
The two sides noted that the current volume of bilateral trade did not correspondent to the existing potential. According to the Federal Customs Service of Russia, in 2020, the Russian-Pakistani trade turnover increased by 45.8% compared to 2019 to $ 789.8 million. In this regard, the two sides agreed to continue joint efforts to strengthen Pakistani-Russian cooperation in the field of trade and investment.
The two sides agreed to take necessary measures to expand access to mutual markets in order to significantly increase the volume of bilateral trade.
The Russian side expressed concern over the introduction of an anti-dumping duty on Russian phthalic anhydride, which resulted in stopping Russian phthalic anhydride exports on June 5, 2021. The Pakistan side highlighted that the investigations were conducted and anti-dumping duties were imposed in accordance with the provisions of the WTO’s Anti-Dumping Agreement.
Both sides agreed to encourage their investors to transfer technologies to Pakistan and Russia, and set up Joint Ventures in areas of mutual interest including SEZs and other similar formations.
In order to establish legislative grounds for the development of customs cooperation between Pakistan and Russia, the two sides agreed to continue joint work aimed at signing the following documents: (i) agreement on cooperation and mutual assistance in Customs Matters; (ii) protocol between the Federal Customs Service (Russian Federation) and FBR on exchange of documents and data on customs value of goods transported between the two countries; and (iii) protocol between Russian Customs Service and TDAP (Pakistan’s Commerce Ministry) on administrative cooperation, information exchange and mutual assistance under the unified system of tariff preferences of the Eurasian Economic Union.
Copyright Business Recorder, 2021
Mushtaq Ghumman Updated 21 Dec 2021
ISLAMABAD: Pakistan and Russia have reportedly agreed to develop bilateral financial infrastructure through their central banks aimed at facilitating trade, investment activities, etc., well informed sources told Business Recorder.
This consensus was evolved at the 7th Session of Pak-Russia Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation held recently in Yekaterinburg city of the Russian Federation. Pakistani side was led by Minister for Economic Affairs, Omar Ayub Khan.
According to sources, Pakistan side expressed interest in connecting to the financial messaging system of the Bank of Russia (SPFS). Both sides resolved to recommend to their central banks to hold consultations about connecting Pakistani financial institutions to SPFS to engage in secure exchange of financial information with its Russian partners.
The Commission recommended that the Bank of Russia and the State Bank of Pakistan should render their assistance in developing the Russian-Pakistani financial infrastructure (in particular with regard to correspondent banking relationships, as well as, establishing branches and subsidiaries on a reciprocal basis), provided that banks and financial development institutions are interested in such assistance.
Energy Sector: Both governments would make all possible efforts to facilitate the implementation of the “Pakistan Stream” project.
The two sides agreed to follow the arrangements specified in the protocol of amendment to the Intergovernmental Agreement of May 28, 2021, and the main terms and cooperation for the project (Head of Terms) of July 15, 2021.
The two sides have developed the “discussion draft” of the Shareholders Agreements for the Special Purpose Company (SPC) for construction of the “Pakistan Stream” gas pipeline project and will take it to the final level through mutual consultation.
The two sides agreed to sign the Shareholders Agreement and Facilitation Agreement for the “Pak Stream” gas pipeline by February 15, 2021; and agreed to sign statutory documents of the Special Purpose Company (SPC) for the construction of the “Pakistan Stream” gas pipeline by January 31, 2022.
The Commission noted the interest of the Russian and Pakistan sides to continue interaction in order to explore the opportunities and prospects for mutually beneficial cooperation in oil and gas sector in Pakistan and third countries including implementation of prospective joint projects in gas exploration and production.
The Commission noted the proposal from the Russian side to Pakistani side to study prospects of implementation of the system of Production of Facilities Monitoring (SPFM) software, developed by Gazprom EP International B.V, for oil and gas fields’ production facilities in Pakistan.
4th Russia-Pakistan JTC meeting concludes successfully
The Commission noted the interest of Pakistan Petroleum Limited (PPL), Oil and Gas Development Company Limited (OGDCL) and Mari Petroleum Company Limited (MPCL) to work jointly with Russian oil and gas companies in offshore and onshore ventures of Pakistan, as well as, outside Pakistan.
The Commission noted that both sides wished to continue interaction including the implementation of prospective joint projects in pipeline construction.
The Russian side agreed to the Pakistan side proposal for consideration of its mineral resource sector (copper, gold, iron, lead, and zinc ores of Balochistan, KP and Punjab) for technical/ economic cooperation and investment and constitution of a sub-working group comprising of mineral sector experts of the two countries to identify possible areas of cooperation/ investment particularly upgradation of basin survey and data management.
The Russians informed the Pakistani side about the interest of the Russian company Digital Industrial Platform LLC (a joint venture of Gazprom Neft PJSC and Zyfra LLC) in developing fruitful cooperation with Pakistani oil & gas companies including but not limited to OGDCL, PSO, SNGPL and SSGCL in implementing and jointly developing and marketing the industrial digital solutions for oil & gas sector. The two sides also supported an interest of Habib Rafiq Engineering (Pvt.) LTD and its subsidiaries or associates to cooperate with Digital Industrial Platform LLC (a joint venture of Gazprom Neft PJSC and Zyfra LLC) in jointly exploring the opportunities for developing, marketing and implementing the industrial digital solutions for oil & gas sector in the Pakistani market on open industrial IoT platform.
The Commission noted that PSO also floats tenders for import of LNG from time to time and is looking forward to the participation of Russian companies in future tenders.
The Commission noted the proposal of Pakistani side to explore possibilities for investment in Pakistan by Russian Companies in: (i) setting up of refineries; (ii) existing refineries upgradation; (iii) virtual LNG pipelines; (iv) onshore storage of LNG; (v) strategic oil storages; and (vi) strategic gas storages (under this point the Pakistan side will consider the proposal from the Russian side to develop underground gas storages in continuation of the “ Pakistan Stream” project).
Both sides noted the need to develop bilateral cooperation in the field of hydropower and renewable energy sources; and supported the interest of power Machines JSC to participate in the bidding process of electro- mechanical works for the construction of the second stage of the Dasu HPP, as well as, to participate in other prospective projects in the power industry of Pakistan.
Pakistan eyes stronger economic ties with Russia through PSGP project
The Russian side confirmed its interest in supplying and after-sales service of Russian civil aircrafts of interest to the Pakistani state and commercial organizations subject to compliance with ICAO standards and PCAA rules and regulations.
The Russian side noted that Ulyanovsky Avtomobilny Zavo LLC (UAZ LLC) is interested in supply of assembled vehicles for state and private customers and implementation of the vehicle assembly project (DKD/SKD) kits) in Pakistan. The Russian side will share the details on supply of assembled vehicles for state and private customers.
The Russians further indicated the interest of the Russian company Almaz-Antey JSC in supplying air navigation and air space control systems, weather radar, medical equipment, etc. to Pakistan.
The Russian Side informed the Pakistan side about the interest of the Russian company Azimut JSC in promoting navigation surveillance and communication systems of civil airfields, air navigation equipment and access control systems to Pakistan.
The two sides noted that the current volume of bilateral trade did not correspondent to the existing potential. According to the Federal Customs Service of Russia, in 2020, the Russian-Pakistani trade turnover increased by 45.8% compared to 2019 to $ 789.8 million. In this regard, the two sides agreed to continue joint efforts to strengthen Pakistani-Russian cooperation in the field of trade and investment.
The two sides agreed to take necessary measures to expand access to mutual markets in order to significantly increase the volume of bilateral trade.
The Russian side expressed concern over the introduction of an anti-dumping duty on Russian phthalic anhydride, which resulted in stopping Russian phthalic anhydride exports on June 5, 2021. The Pakistan side highlighted that the investigations were conducted and anti-dumping duties were imposed in accordance with the provisions of the WTO’s Anti-Dumping Agreement.
Both sides agreed to encourage their investors to transfer technologies to Pakistan and Russia, and set up Joint Ventures in areas of mutual interest including SEZs and other similar formations.
In order to establish legislative grounds for the development of customs cooperation between Pakistan and Russia, the two sides agreed to continue joint work aimed at signing the following documents: (i) agreement on cooperation and mutual assistance in Customs Matters; (ii) protocol between the Federal Customs Service (Russian Federation) and FBR on exchange of documents and data on customs value of goods transported between the two countries; and (iii) protocol between Russian Customs Service and TDAP (Pakistan’s Commerce Ministry) on administrative cooperation, information exchange and mutual assistance under the unified system of tariff preferences of the Eurasian Economic Union.
Copyright Business Recorder, 2021
Pakistan, Russia to develop financial infrastructure
ISLAMABAD: Pakistan and Russia have reportedly agreed to develop bilateral financial infrastructure through their...
www.brecorder.com
PakCan
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To increase tax revenue, Pakistan can learn from Kenya. Great use of technology and wedding season always generate plenty of online activity.
www.bbc.com
Letter from Africa: Why Kenya's taxman is eyeing social media
Socialites are becoming wary of what they post online in case Kenya's revenue authority comes calling.
www.bbc.com
Maula Jatt
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ACE OF HEARTS
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It should be 15 % if there is any true intention of controlling inflation and the down fall of the rupee.
Hiding import data from the public is encouraging import mafia and foreign firms escape anti dumping duties and saturate local market with cheaper goods discouraging local manufacturing / industry setups.
The sooner they implement IMF conditions including single account of Government of Pakistan
, the better for the economy and we'll being of the ordinary citizen
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Iran offers to waive tariffs on agri-products from Pakistan
In a meeting with Iranian Ambassador Seyyed Mohammad Ali Hosseini on Tuesday, Federal Minister of National Food Security and Research Syed Fakhar Imam said that the agriculture sector of Pakistan should look ahead in terms of modernization. He appreciated the Iranian government’s offer to waive tariffs on export of agricultural products from Pakistan.
“Pakistan has immense potential for export of citrus fruit, rice, mango, onion, potato, fishery and livestock products,” he said. “In fact, the country can meet the entire rice demand of Iran.”
He said that Pakistan could export up to 8 million tons of rice. On the other hand, the country shipped nearly 144,000 tons of mangoes abroad and it could enhance its exports to Iran as well, Syed Fakhar Imam said, adding that Iran had expertise in the floriculture sector and exchange of such talent could benefit both sides.
Hosseini said that Iran imported numerous agricultural products from Pakistan: “Iran imports 5,000 tons of citrus fruit from Pakistan. We also import rice from Islamabad and there is a huge demand for Pakistani livestock, red meat and fishery products in Iran.”
www.freshplaza.com
In a meeting with Iranian Ambassador Seyyed Mohammad Ali Hosseini on Tuesday, Federal Minister of National Food Security and Research Syed Fakhar Imam said that the agriculture sector of Pakistan should look ahead in terms of modernization. He appreciated the Iranian government’s offer to waive tariffs on export of agricultural products from Pakistan.
“Pakistan has immense potential for export of citrus fruit, rice, mango, onion, potato, fishery and livestock products,” he said. “In fact, the country can meet the entire rice demand of Iran.”
He said that Pakistan could export up to 8 million tons of rice. On the other hand, the country shipped nearly 144,000 tons of mangoes abroad and it could enhance its exports to Iran as well, Syed Fakhar Imam said, adding that Iran had expertise in the floriculture sector and exchange of such talent could benefit both sides.
Hosseini said that Iran imported numerous agricultural products from Pakistan: “Iran imports 5,000 tons of citrus fruit from Pakistan. We also import rice from Islamabad and there is a huge demand for Pakistani livestock, red meat and fishery products in Iran.”
FreshPlaza: Global Fresh Produce and Banana News
www.freshplaza.com
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