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PM Shehbaz demands immediate action to increase the competitiveness of exports

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8 months ago

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Attending a trade sector meeting, the prime minister ordered the exporters’ verified duty drawback to be paid immediately and recommended actions to encourage the export of non-traditional commodities. In order to support the auto industry, he emphasized the importance of the private sector and directed that their input be sought out while formulating policies. He also directed that the deletion policy be adopted.

In order to evaluate the performance of trade and investment officers stationed in Pakistan’s overseas missions and to identify and remove incompetent officers, Prime Minister Shehbaz instructed the relevant ministry to develop a comprehensive strategy.

Speaking to the group, the prime minister announced that he would do the biweekly evaluation of the export industries himself.

During the meeting, the prime minister was informed that talks for a free trade agreement between Pakistan and the Gulf states were nearing their conclusion, and that transit trade agreements with Tajikistan and Uzbekistan had already taken shape.

Approximately 450 business-to-business meetings were held during the last Pak-Saudi Business Conference, and the number of e-commerce transactions was continuously rising with over 3,000 companies signing up for the Pakistan Trade Portal, according to information presented to the meeting.

In addition, the meeting was informed of the tight oversight of the Afghan Transit Trade, the double-digit premium growth of public sector insurance businesses, the completion of the Gem Export Framework, and the preliminary consent given by Pakistan and Russia to operationalize the barter trade.

The New Strategic Trade Policy and the preferential trade agreements with Afghanistan and Azerbaijan were said to be the subjects of ongoing stakeholder consultation.

The Technology and Innovation Fund for industrial development was also being established, requiring the enactment of the relevant legislation.

Federal Ministers Muhammad Aurangzeb, Ahad Khan Cheema, Dr. Musaddik Malik, Jam Kamal Khan, and Jahanzeb Khan, Deputy Chairman of the Planning Commission, as well as pertinent senior officers, attended the meeting.

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Business

In interbank trade, the Pakistani rupee beats the US dollar.

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5 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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6 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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6 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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