News Brief

Saarc Chamber president for promotion of trade in region

LAHORE (Staff Reporter): SAARC Chamber President Suraj Vaidya Monday underscored Pakistan’s support for enhancement of trade, investment and business amongst the member countries of the SAARC region. Talking to media here prior to his departure to Nepal on the last leg of weeklong visit to Pakistan, he appreciated the positive approach that Pakistan has been following to strengthen regional cooperation under the SAARC process. He said that its firm commitment of SAARC Chamber to continue allout hectic efforts for further strengthening the role of SAARC in the region. He said he held fruitful and result oriented meeting with Federal Minister for Commerce and Textile Pervaiz Malik, who assured that Pakistan will continue to play proactive role in activating two most important regional organizations South Asian Association (SAARC) and ECO. He further said the minster told him that Pakistan is in process of consulting its stakeholders for preparing a separate shorter sensitive list for the least developed countries of SAARC.

He said that another meeting was held with Sartaj Aziz , Deputy Chairman Planning Commission of Pakistan. He said SAARC chamber will take full benefits of the experiences of planning commission to launch new industrial joint ventures.

Govt to pass rent control bill during

current tenure: Minister

ISLAMABAD (INP): Federal Minister for Commerce, Muhammad Pervaiz Malik said that the government would pass the amended bill of rent control act for Islamabad into the law during its current tenure to resolve this long standing issue of the traders of federal capital. Addressing the business community at a dinner hosted by President, Capital Traders Wing of PML(N) Sheikh Jamshed here on Monday, Muhammad Pervaiz Malik said that the government was fully cognizant of the problems being faced by the local traders due to absence of rent control law and assured that the parliament would soon pass its draft bill into law to promulgate a balanced rent control law in Islamabad.  The Minister Commerce assured that FBR related issues of business community would also be addressed to facilitate the growth of business activities. He acknowledged that the country’s exports have witnessed some decline, but reaffirmed that government was working on many initiatives to turn around the falling exports and further enhance them.

MNA Mian Abdul Manan said that he has discussed the issue of rent control act with Barrister Zafarullah Khan, Special Assistant to the Prime Minister on Law and he has assured to present its bill in the next session of the National Assembly. He hoped that the bill would soon be passed into law that would help in redress of problems of traders and facilitate growth of business activities.

Speaking at the occasion, President, Islamabad Chamber of Commerce and Industry (ICCI) Sheikh Amir Waheed said that with the consultation of all stakeholders, an amended bill of rent control act for Islamabad was prepared that was presented long time ago by Mian Abdul Manan in the National Assembly. However, delay in its enactment was creating frustrations in the trading community as they were feeling insecure due to absence of rent law. He stressed that government should pass the bill into law without wasting further time so that traders could do business with a sense of security and peace.

He said Pakistan’s exports have come down from 24 billion dollars to 20 billion dollars while the exports of regional countries including Bangladesh, Vietnam and India were going up and stressed that the government should address the key issues of exporters on priority to facilitate the revival of dwindling exports.

Senior Vice President ICCI Muhammad Naveed, President Capital Traders Wing of PML-N Sheikh Jamshed and others also spoke at the occasion.

Farmers urged to get registered for availing benefits of govt subsidies

LAHORE (APP):The government is providing different subsidies and concessions to the farmers under Khadam-e-Punjab Kissan package and only registered farmers can avail it. The government has created a very easy process for the registration and farmers should registered themselves without any hesitation, a senior official of Agriculture Department said this while talking to APP on Monday. He said, “The registration process has been made very simple and transparent for farmers as they have only to make a call on toll free numbers of Agriculture Helpline i.e. 0800-15000 & 0800-29000 and provide details of their identity card and other required information for get themselves registered”. He said that DAP fertilizer has been provided on subsidized rates to the registered farmers in the province. He said that any fertilizer dealer or any other person except registered farmer cannot get the subsidy because it cannot cash subsidy vouchers without ID Card and verification message.

 He said that private sector’s help is also being sought for the success of the initiative of the government for welfare of the farmers. SBP relaxes foreign exchange regulations to facilitate exporters

KARACHI (Staff Reporter): The State Bank, in wake of changing global trade practices and to facilitate exporters, has relaxed its foreign exchange regulations allowing exporters to directly dispatch transport documents to the buyers abroad against shipments valuing up to US$ 100,000/- or equivalent. The authorized dealers (banks) have been advised to above effect vide F.E. Circular No. 11 issued Monday by the State Bank, said a statement on Monday. The development is expected to provide manifold benefits to the local exporters including reducing the cost of doing business, efficient processing of export documents and improving competitiveness of Pakistani exports in the international market. Earlier, the carriers (shipping companies, airlines, railways, etc.) were required to draw the transport documents (bills of lading, airway bill, railway receipts, etc.) only to the order of an authorized dealer for exports taking place from Pakistan and the same were required to be dispatched to the buyer abroad through an authorized dealer.

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