ICCI for focusing on China

to improve trade, exports

ISLAMABAD (APP): ICCI on Friday called for developing strategic partnerships with China to improve trade and exports of Pakistan. “The govt should reprioritize its traditional approach of looking towards Western countries”, Acting President, ICCI M.Shakeel Munir said in a statement here Friday. He said “We should be more focused towards China as it offered immense opportunities of promoting Pakistan’s commercial and economic interests.” He said that bilateral trade between India and China had surpassed US$ 65b during 2013 while Pakistan’s trade with China was hovering around $ 10-12 billion despite the fact that there was huge potential to improve it,according to press release issued by ICCI.

He said both countries had signed a Free Trade Agreement in November 2006 in addition to finalizing almost 358 Joint Agreements, MoUs, Joint Declarations and arrangements covering almost every sector of economy, but necessary measures could not be taken to fully materialize these mechanisms due to which the two-way trade was still far below the desired level.

He said Pakistan enjoyed huge export potential to China due to the advantages in agriculture, minerals, chemical, textiles and leather products.

Besides, Pakistan has comparative advantage of oil seeds, fruits, base metals, plastic goods and perfumery and stressed that government should accelerate efforts to facilitate entrepreneurs in promoting trade with China.

Shakeel Munir said the global economic power was shifting towards Asia led by China and it was the right time for Pakistan to reorient its economic strategies to enhance cooperation with China, which would yield beneficial outcomes for its economy.

He said Pakistan should encourage and facilitate its private sector in establishing joint ventures with Chinese counterparts in energy, textile, agro farming, food processing, pharmaceutical, engineering goods and other areas of potential cooperation.

He said China could also help Pakistan in developing and modernizing its SMEs sector.

He said that in evolving international Political dynamics,China’s rise as a major global power, it was important for Pakistan to reassess and review the strengths and challenges of its relationship with China in order to move forward in a positive manner.

Exhibition held in Paris to

promote rice export

ISLAMABAD (APP): Pakistan embassy in Paris has organized a rice exhibition at its premises on Thursday and facilitated meetings between Pakistani exporters and French importers for promoting the rice export to the French market. The import of rice from Pakistan to France was worth $ 31.72 million during January-September 2014, most of which was consumed by ethnic market. It is expected that the exhibition will help increase the rice export, said a message received from Paris on Friday.A number of French importers were invited to participate and meet some Pakistani rice exporters who were invited to Paris especially for this event.

 The embassy coordinated their meetings to have detailed discussion over their business proposals.

The services of a top French chef Alian STRIL was acquired to serve the Basmati made French dishes on the occasion. He prepared three different French dishes made of Basmati rice while traditional Pakistani rice dishes like Biryani, Zarda and Kheer made by Pakistani cooks were also presented. The guests took keen interest in the exhibition and were impressed by the quality, aroma and taste of rice.

Different varieties of Basmati and other rice were also put on display.

A signer presented classical and folk songs to entertain the participants.

Petrol price can be reduced

by Rs16 per litre

islamabad (INP): The Pakistan Economy Watch has said prices of all petroleum products can be reduced while keeping government’s margin intact. The price of petrol can be reduced by Rs 16 which will give benefit to masses and industry to reduce inflation drastically, said Dr. Murtaza Mughal, President PEW. He said that if country buy a barrel for $67 and add $2 freight premium, 9 per cent handling, bank, LC charges, marine Insurance, 3.8pc wharfage charges, 3.5 percent oil companies margin and 10 per cent refining cost, the prices will be Rs 56.53 per litre. Mughal said that adding 17pc GST and 3.15pc Excise duty jacks up the cost to 67.93 while petrol is being sold at over Rs 84.

He said that government is also collecting levy imposed through a SRO surpassing the Parliament which must be abolished to benefit the economy and masses.

Adding levy to price of petrol which is currently Rs 10 per litre make per litre price to Rs 77.93 which means that masses are still paying additional seven rupees for every litre they buy.

Mughal said that 40 percent reduction in international oil prices will transfer $1.3 trillion from oil exporters to oil importing countries hitting inflation hard.

Inflation is coming down across the world allowing central bankers to soften monetary policies. On the other hand many oil producers are facing trouble. Some are on the brink of default while others are devaluing currency and tightening monetary policies.

PTA unearths two illegal VoIP set-ups

ISLAMABAD (APP): Pakistan Telecommunication Authority (PTA) in its ongoing efforts to control grey trafficking unearthed two illegal VoIP set ups at Fateh Jang and Wah Cantt. According to details, a successful raid against the grey operators was carried out along with FIA team at Fateh Jang. Team recovered four illegal operational gateway exchanges comprising 36 ports each and 64 operational SIMs. Two men were arrested while in the second raid, two gateways comprising eight ports each were confiscated from Wah Cantt. One person was arrested from the spot. The arrested persons were in the custody of FIA for further investigation.

The successful raids against the grey operators were made possible because of continuous monitoring and committed and persistent efforts by PTA in curbing the menace of grey traffic thus curtailing loss to the national exchequer because of grey traffickers in the country.

LCCI condolence reference

LAHORE (Staff Reporter): The Lahore Chamber of Commerce & Industry Friday held a condolence reference to pay rich tributes to the services of its former president (late) Shahzada Alam Monnoo for trade, industry and ailing humanity. LCCI President Ijaz A. Mumtaz presided over the meeting while former LCCI presidents Bashir A. Baksh, Tariq Saeed Saigol, Mohsin Raza Bukhari, Mian Muhammad Ashraf, Mian Misbah-ur-Rehman, Ilyas M. Chaudhry, Yawar Irfan, Shahid Hassan Sheikh, Muhammad Ali Mian, Mian Muzaffar Ali, Farooq Iftikhar, former senior vice presidents Abdul Basit, Mian Tariq Misbah, former Vice President Aftab Ahmed Vohra and Executive Committee Members also spoke on the occasion.

The speakers recalled the services of Shahzad Alam Monnon and termed his death an irreparable loss.

LCCI President Ijaz A. Mumtaz spoke about Shahzada Alam Monnoo’s contribution to the trade & industry and recalled that he always preferred work over his health and always given priority to his commitment.

He said that it was enormous support that helped lift the Lahore Chamber of Commerce & Industry to its zenith.