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Pakistan, Iran chalk out five-year trade plan with $5 billion target

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  • FM Bilawal says plan aimed at removing impediments to bilateral trade.
  • Both sides agree to prioritise operationalisation of five remaining border markets.
  • Islamabad, Tehran also agree to continue cooperation to counter Islamophobia.

ISLAMABAD: Pakistan and Iran on Thursday set a target of $5 billion for bilateral trade as the two countries chalked out a five-year trade cooperation plan to enhance cooperation. 

Foreign Minister Bilawal Bhutto-Zardari said the plan was aimed at removing impediments in bilateral trade, finalising Free Trade Agreement and establishing institutional linkages between the private sectors of both countries.

He made these comments while addressing a joint press conference with his Iranian counterpart Hossein Amir Abdollahian in Islamabad today. 

“I am confident that the steps we are taking today, will chart the course for a long-term durable economic partnership between our two countries in the months and years ahead,” the foreign minister told the media persons after two leaders held delegation-level talks in a meeting.

He said during their meeting, they had agreed to prioritise the operationalisation of the five remaining border markets by the end of this year.

Bilawal said Pakistan and Iran had decided to repatriate all the sentenced prisoners as per provisions of existing agreements between the two sides. It has also been decided to set free fishermen in custody in Pakistan and Iran and to waive off any fine imposed by the authorities of both countries for the release of their vessels.

The foreign minister said the two sides will exchange lists of prisoners to put into practice this understanding expeditiously.

The meeting also discussed the grave human rights situation in Indian Illegally Occupied Jammu and Kashmir (IIOJK). 

Bilawal thanked the Iranian leadership for its firm and consistent support of the legitimate cause of the Kashmiri people.

Regarding the situation in Afghanistan, both sides agreed to continue their active engagement to advance peace and stability in Afghanistan to promote the well-being and prosperity of Afghan brothers and sisters.

They also agreed to continue their cooperation to counter Islamophobia and anti-Muslim hatred.

“There has been an unfortunate series of Islamophobic acts and events across Europe, and not just isolated events but repeated and premeditated provocations. In my view, these are not only hate speech but would endanger provoking violence.”

In his remarks, the Iranian FM emphasised the enhanced bilateral cooperation in the fields of economy, trade and tourism.

He said both countries were committed to increasing the bilateral trade to $5 billion and agreed to set up a special economic free trade region along the common border points.

Amir said the two countries will take immediate steps for the release of fishermen and their vessels.

Emphasising the completion of the Pakistan-Iran gas pipeline, the Iranian FM said the project would serve the national interests of the two countries.

He also condemned the recent terrorist attack in Bajaur while extending sympathies with the people and government of Pakistan as well as the grieved families.

Calling for support to the people of Afghanistan, FM Amir said any situation in the country would have an impact on the neighbouring countries of Pakistan and Iran. 

“Therefore, under any circumstances, it was the religious and humanitarian responsibility to extend support to the people of Afghanistan,” he added. 

Both sides also signed agreements and memorandum of understanding (MoUs) of cooperation between Pakistan and Iran in various fields. 

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The economic outlook for Pakistan. Report: The Economy Will Continue Its Sustainable Recovery

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Stability in the external and fiscal sectors, along with large financial inflows, have helped Pakistan show a steady recovery in the first quarter of FY2024–25.

The October economic outlook from the Finance Ministry emphasizes encouraging developments, such as the 1.03 billion dollar first tranche from the IMF’s extended financial facility, which improves macroeconomic stability.

A 3.7 percent increase in total fertilizer production and a 115.9 percent increase in imports of agricultural gear are significant achievements.

In August 2024, large-scale manufacturing grew 4.7 percent month over month, even if it decreased by 0.2 percent in July and August of the same year.

September 2024 had a 44-month low of 6.9 percent consumer price index inflation, down from 31.4 percent the year before.

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The FBR prohibits additional extensions to the income tax return filing deadline.

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The FBR has rejected a second extension of the deadline, which is due today (October 31), after two extensions were granted.

Over 5.01 million returns have been filed thus far, and the tax returns process has generated over Rs125 billion in revenue, according to FBR officials.

Taxpayers have been instructed by the tax authority to submit their returns by midnight tonight. Identification of non-filers or late filers will begin on November 1.

When late filers buy a car or a piece of real estate, they will pay double taxes.

Officials stressed the need for people making Rs 50,000 a month to file income tax reports. Those who don’t comply will be labeled late or non-filers.

According to the body officials, non-filers may have their gas and electricity supplies cut off, have their international travel restrictions revoked, and have their SIM cards on their phones disabled.

The Federal Board of Revenue (FBR) extended the final day for filing income tax returns to October 31 on October 14.

The decision takes bank holidays into account and was made in response to demands from tax bar groups and trade organizations.

The Income Tax Ordinance 2001’s Section 214A extended the deadline, giving taxpayers more time to submit their forms.

A number of trade associations and tax bar associations had previously asked FBR to extend the deadline for filing income tax returns for the fiscal year 2024 from September 30 to October 14.

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Malir Industrial Park is introduced by SIFC.

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The establishment of “industrial parks” by the Pakistan Economic Zone Development and Management Company and the Special Investment Facilitation Council aims to attract investors and stimulate the economy.

First up is the Malir Industrial Park, which gives companies access to important trade and transportation channels. This park will be different from heavy industry parks in that it will concentrate on small industries and diverse industrial offices. Among Karachi’s industrial zones, it would be noteworthy for providing security and necessary infrastructure.

In order to lower unemployment, the initiative intends to generate more than 200,000 jobs in the first five years. To increase the advantages of the program, the Korangi Association of Trade and Industry will become a member of the Malir Industrial Park Advisory Council.

The park will have easy access to Karachi Port and Jinnah International Airport due to its strategic location at the convergence of key highways, such as the National Highway and Malir Motorway. This would guarantee effective access to both domestic and foreign markets.

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