ISLAMABAD - Besides enhancing trade relations with India, the Federal Cabinet on Monday gave formal approval to signing of the MoU with New Delhi for trade in electricity and a feasibility study in this connection would be undertaken shortly.
In the recent visit of the Commerce Minister Engineer Khurram Dastagir Khan to India significant progress was made on enhancing the trade relations between the two neighbouring states and the import of electricity was also discussed at length during the meeting.
The Cabinet was informed that Ministry of Water and Power had initiated negotiations with India for import of electricity while feasibility study in this connection would be held shortly which would be financed by the World Bank.
The Cabinet also noted with satisfaction that the Karachi Stock Exchange has crossed the record level of 27,000 points, which is an evidence of business community’s confidence in the economic policies of the Government.
The Cabinet gave its consent to the signing of a number of MoUs including ex-post facto approval for MoU with M/S Norinco International (People’s Republic of China) on energy and mass transit projects and approval for an MoU with India for Trade of Electricity.
It also gave approval to the signing of the MoU between Pakistan and India for trade of electricity. The Ministry of Water & Power had initiated negotiations with India in this regard. The World Bank has undertaken to finance feasibility study of the project.
The Federal Cabinet accorded approval to the signing of MoU with the EXIM Bank of Turkey for a Credit Line of US$ 300 Million for Pakistan. The credit line will be utilized for promotion of trade between the two countries.
The Cabinet considered and accorded approval to the Negotiated / Signed Agreement on Waiver of Visa Requirements for Holders of Diplomatic, Special and Official Passport between Pakistan and Kuwait and also gave approval for Ratification of the Agreement.
The Cabinet gave approval for Signing Agreement on Re-admission of Persons Residing without Authorization between Pakistan and Turkey and also accorded Approval for Ratification of the Agreement. The Agreement will strengthen cooperation between the two countries to combat illegal immigration effectively and establish procedures for identification, safe and orderly return of persons who do not otherwise fulfill the conditions for entry to, or reside on the territories of Pakistan or Turkey.
Approval for Signing the Negotiated Extradition Treaty between Pakistan and Kuwait and Approval for Ratification of the Extradition Treaty was also accorded by the Cabinet. The Treaty provides for extradition of any person who is accused or convicted of an offence, which falls under the jurisdiction of the requesting party.
The Cabinet gave consent to the signing of Friendship and Cooperation Protocol between the Greater Ankara Municipality and the Capital Development Authority of Islamabad.
Approval, in principle was accorded by the Cabinet for Negotiating the Draft Memorandum of Understanding on Defence Exchanges between the Government of Japan and the Government of the Islamic Republic of Pakistan. The MoU will provide a platform for strengthening the existing bilateral relations in the field of Defence exchanges. he Cabinet accorded approval for Initiation of Negotiations between SBP and Polish Financial Supervision Authority (PFSA) on Signing of MoU on Banking Supervision.
Approval, in principle was also accorded to Start Negotiations on MoU between Supreme Audit Institutions of Pakistan and Supreme Audit Court of the Iran on Co-operation on Auditing in Public Sector.
The Cabinet gave approval for Initiation of Negotiations between State Bank of Pakistan and Nepal Rastra Bank on Signing of MoU Cooperation in the Field of Supervision and Exchange of Information for bank’s operation in both the countries.
Approval was also given by the Cabinet for initiation of Negotiations between State Bank of Pakistan and Central Bank of Tunisia (CBT) on Signing of MoU on Banking Supervision and Exchange of Information for smooth functioning of cross-border branches and facilitation of financial activities.
The Cabinet gave permission in principle to Start Negotiations with the Government of the Republic of Iraq for entering into an Agreement concerning the Organization of Pakistani Manpower Employment in the Republic of Iraq. The agreement provides for sending Pakistani manpower to Iraq.
Approval was accorded by the Cabinet to start negotiations and signing of MoU on Recognition of Certificates Pursuant to Regulation I/10 of the International Convention on Standards of Training Certification and Watch-Keeping for Seafarers between Pakistan and Jordan. The MoU will enhance cooperation between maritime administrative bodies in both countries on security, safety and protection of maritime environment and control of vessels.
The Cabinet also approved signing of MoU between the Union of Chamber of Commerce and Commodity Exchanges Turkey (TOBB) and Ministry of Railways Pakistan. The MoU provides for undertaking a feasibility study to suggest ways and means to attract commercial traffic in order to run international container train service between Islamabad and Istanbul on regular basis.
The Cabinet gave approval regarding Amendment in the Convention between the Islamic Republic of Pakistan and the Republic of Austria for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income. The convention provides for emphasis on proper exchange of information to check tax evasion and fraud.