FPCCI dissatisfied with Pakistan, Brunei bilateral trade

ISLAMABAD (INP): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Sunday said relations between Pakistan and Brunei were cordial, but the volume of trade was unsatisfactory, which must be enhanced. “The business community will fully cooperate with the government to improve trade ties between the two brotherly nations,” said Abdur Rauf Alam, President FPCCI. Talking to Pakistan's High Commissioner-designate to Brunei Gen (r) Tariq Rasheed Khan, he said that per capita income of Brunei exceeded that of USA and that their businessmen were investing around the world including China, while our government had still to make efforts to lure them to Pakistan. Secretary General UBG Zubair Tufail, VPs of FPCCI Zafar Bakhtwari and Riaz Khattak, Chairman Coordination Malik Sohail and others were also present on the occasion. He said that both the countries had established a joint investment company while the last meeting of joint economic commission was held in 2008, which was discouraging.

 RCCI announces results of executive committee elections

Rawalpindi (INP): The Rawalpindi Chamber of Commerce and Industry (RCCI) has announced the election results of its executive committee for the year, 2016-17. The Election Commission, which comprised of Naveed Javed, Muhammad Tariq Butt and Syed Rizwan Haider Mashadi, announced the results. According to the details, the executive committee consists of 10 members, five members each from the corporate member class and associate member class. There were 29 candidates running for associate member class and 16 candidates for corporate member class. Raja Amir Iqbal, Muhammad Nasir Mirza, Imran Sadiq Qureshi, Faisal Shahzad and Muhammad Hafeez Ahmad were elected for the associate member class whereas Khawaja Abdur Rashid Waien, Zahid Latif Khan, Dr Shimail Daud Arain, Muhammad Naeem and Afzaal Saeed Butt were elected for the corporate member class.

RCCI president congratulated the newly-elected executive committee and expressed the hope that it would work for the betterment of traders and will be vocal for their rights. The election for officer-bearers will be held on Sept 19.

 IMF updates central bank legislation database

Washington (Reuters): The International Monetary Fund has updated its Central Bank Legislation Database (CBLD), the most comprehensive central bank law database in the world, to allow informed policy discussions and analysis as central banking rules change.  The IMF database, accessible primarily for central bank and monetary union officials, compiles up-to-date central bank laws and excerpts from the constitutions of 126 IMF member countries and monetary unions. The countries and unions are divided into several categories according to, for example, central bank objectives and powers, monetary policy, central bank organizational aspects, financial provisions (such as central bank capital), foreign exchange policy, and payments system regulations. The 2016 database update builds on data from central banks and monetary unions in 2014 and 2015.

It provides diverse search possibilities for individual countries and groups of countries on the basis of region, income level, exchange rate arrangement, and monetary union. It also includes a law library with central bank laws in English, and contains references to IMF working papers on topics such as central bank independence and accountability, governance, financial provisions, and transparency.

To see how the database can be used for research and policy-making, check out the examples below. The recently updated Charts 1 and 2 show which central bank laws include price stability as a central bank objective, both by region (Chart 1) and income level (Chart 2). A further distinction can be made in price stability only, price stability with subsidiary macro objectives (i.e., where price stability is the primary objective), and price stability alongside other macro objectives (i.e., where price stability is not the single primary objective). Chart 3 shows who is in charge of defining monetary policy within a central bank, varying from the Board, through a Monetary Policy Committee, the Governor, to the central bank as a whole, without a clear allocation of power determined in the law.

GST to unleash significant economic activity

Vientiane (AFP): US President Barack Obama expressed confidence that the Goods and Services Tax (GST), passed by the Indian parliament last month, will unleash significant economic activity. He said this during a meeting with Prime Minister Narendra Modi on the sidelines of the 11th East Asia Summit here. This could well be the last bilateral meeting between Modi and Obama before the latter demits office in January next year. The two last met in June when Modi visited Washington. According to sources, during Thursday`s meeting, both leaders reviewed the immediate priorities in the strategic partnership between the two countries. “President Obama praised Prime Minister Modi`s initiatives to reform the Indian economy,” the sources said. “In particular, he said that the passage of GST will unleash significant economic activity.”