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Author Archives: M Arshad

Ports Ministry asks MoFa to raise fish stealth issue  

ISLAMABAD: The Ministry of Ports and Shipping has taken up the issue of stealth of fish products by other countries from Pakistan maritime boundaries with Ministry of Foreign Affairs (MoFA). The illegal fishing vessels are also destroying the fish production in almost 22 creeks near Karachi and ultimate small fish which is food for precious fish products is decreasing with ... Read More »

FBR delegation to attend ECO seminar in Tehran

ISLAMABAD: A two-member delegation of Federal Board of Revenue (FBR) will represent Pakistan at Economic Cooperation Organization (ECO) intra-joint training seminar titled “Transfer Pricing, Fundamental principles and International Developments” in Tehran from October 6-8. Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkey, Turkmenistan and Uzbekistan are member states of the ECO while Northern Cyprus enjoys observer status. A well-placed source ... Read More »

Dastgir to convince overseas investors today

ISLAMABAD: Federal Minister for Commerce Khurram Dastigr will try to motivate overseas investors to invest in Pakistan today (Thursday). The Minister will also listen problems and hardships of the investors during an interactive session with overseas investors during his address to members and office bearers of Overseas Investors Chamber of Commerce and Industry (OICCI). Well-placed at Ministry of Commerce (MoC) ... Read More »

FBR to defend non-implementation on FTO recommendations

ISLAMABAD: The Federal Board of Revenue (FBR) will defend its stance on non-implementation of recommendations of Federal Tax Ombudsman (FTO) tomorrow (Thursday) October 2 regarding solution of different cases. FBR Member Legal Ahmad Dildar and Member Planning Nisar Muhammad Khan would appear before the FTO on the issue. The FTO is a critical component of welfare states with adequate focus ... Read More »

Commerce minister to chair TDAP, EDF board meetings on Friday

ISLAMABAD: Federal Commerce Minister Khuram Dastagir Khan will chair board meetings of the Trade Development Authority of Pakistan (TDAP) and Export Development Fund (EDF) on Friday in Karachi. Important decisions will be made about future strategies and plans. The heads of both organisations will apprise the minister about past achievements and performance in the meetings. A source in the Commerce ... Read More »

Dastgir to administer oath of Jhang chamber office-bearers today

ISLAMABAD: Federal Minister for Commerce Khurram Dastgir will administer oath of the new office-bearers of Jhang Chamber of Commerce and Industry (JCCI) today (Tuesday). Well placed source at Ministry of Commerce said that the Minister would proceed to Jhang in the afternoon from Islamabad and would administer oath of the newly-elected office-bearers of JCCI at an august ceremony there. It ... Read More »

PNSC, TCP reservations near to resolution: Secy Ports and Shipping

ISLAMABAD: The reservations of Trading Corporation Pakistan (TCP) about capacity of goods handling of Pakistan National Shipping Corporation (PNSC) are likely to be addressed in near future. TCP serves the nation as a highly motivated corporate entity responsive to national needs and modern trading challenges and imports urea, sugar and other things on the directions of government. Whereas the PNSC ... Read More »

Language biggest hurdle in trade with Central Asia

ISLAMABAD: Language is a main hurdle for Pakistani exporters to compete in the Central Asian markets. Languages including, Turkmen, Uzbek, Qazaq (Kazakh), Kyrgyz and Russian are widely spoken and understood in the Central Asian countries and are drastically different from English, Urdu or local languages of Pakistan. Similarly, these languages are also written in Russian style or dialect. “Our exporters, ... Read More »

FBR, Finance Division gear up for IMF, World Bank talks

ISLAMABAD: The Federal Board of Revenue (FBR) and Finance Division are making preparations for upcoming annual meeting with International Monetary Fund (IMF) and World Bank (WB). A well-placed source in the FBR told this scribe that tax reforms, money laundering and few such other issues would be at the top of agenda of the meeting with IMF and WB on ... Read More »

Commerce Ministry strives for market access to Japan, Canada, Australia

ISLAMABAD:  The Commerce Ministry is making efforts to get market access status from emerging economies such as Japan, Canada, Australia and others on the pattern of Generalised Scheme of Preferences (GSP+) granted by the European Union (EU) According to the World Trade Organisation (WTO), the facility of market access for goods provides conditions, tariff and non-tariff measures, agreed by members ... Read More »

FBR needs Rs 100 billion to achieve quarterly revenue target

ISLAMABAD: The Federal Board of Revenue (FBR) needs Rs 100 billion to meet the provisional quarterly revenue target and most probably it will fail to achieve this target. The FBR had fixed Rs 557 billion provisional revenue target for the quarter (July-September) of FY 2014-15. However, statistics available with Customs Today revealed that the FBR have collected around Rs 444 ... Read More »

Shipping Ministry to refer 45 missing containers case to FIA

ISLAMABAD: The Ports and Shipping Ministry has announced to refer the case of 45 missing containers from Port Qasim Karachi to the Federal investigation Authority (FIA). Ports and Shipping Secretary Babar Yaqoob Fateh Muhammad said that the ministry would not defend the Port Qasim Authority (PQA) or officials involved in the missing of containers scandal at any cost. To questions ... Read More »

ANF not allowed checking of containers at ports: Nisar Muhammad

ISLAMABAD: The Federal Board of Revenue (FBR) and Anti-Narcotics Force (ANF) have not held consultations on granting permission to the latter to check inbound containers at sea and dry ports. The Senate’s Standing Committee on Interior and Narcotics Control had directed the ANF director general and FBR member customs to hold consultations in this regard. The meeting between the said ... Read More »

PTI, PAT sit-ins fail to affect Pak-Afghan trade

ISLAMABAD: The prevailing political impasse has not affected trade between Pakistan and Afghanistan. The government and the commerce ministry have blamed the Pakistan Tehreek-e-Insaf and the Pakistan Awami Tehreek protesters for inflicting billions of rupees losses to the national exchequer. The government had been saying that exports had been blocked because foreign buyers had stopped placing new orders due to ... Read More »

Assessment for Trade Policy 2012-15’s implementation started

ISLAMABAD: The Ministry of Commerce (MoC) has started assessment of implementation on the Strategic Trade Policy Framework (STPF) 2012-15. At same time, process of preparation of new national trade policy has also been kicked off which will be completed by the end of next year. Reliable source has told Customs Today that MoC had started collecting data of achieved milestones ... Read More »

NBP starts action against 11 bankers for Rs 12 billion fraud

ISLAMABAD: The National Bank of Pakistan (NBP) has taken action against 11 officials for their involvement in around Rs 12 billion irregularities. The accused include four Pakistani and seven Bangladeshi officials. According to documents available with Customs Today, the NBP detected irregularities, including untimely and improper classification of loan accounts in the light of Bank of Bangladesh circular no: 05/2006 ... Read More »

Commerce Ministry striving to turn GSP Plus into FTA

ISLAMABAD: The Ministry of Commerce is making preparations to move a step forward by transforming the GSP Plus status into free trade agreement (FTA) with the European Union. In all, 406 members of the European Parliament supported the move at a session in Brussels on December 12, 2013 and granted GSP-Plus status to Pakistan on December 12 last year. It ... Read More »

NA Finance Committee to get briefing from IMF

ISLAMABAD: The National Assembly Standing Committee on Finance Friday announced to get briefing on overall economic situation of the country from representatives of the International Monetary Fund (IMF) on October 15. No committee of the either house has ever been given briefing by IMF in the past so far and it will be a new precedent if briefing is arranged. ... Read More »

Sri Lanka to hire PNSC ships for regional trade: Kamran Michael

  ISLAMABAD: Federal Minister for Ports and Shipping Kamran Michael has expressed optimism to strike business agreements on stalled projects with the normalisation of conditions in the country. He also disclosed being in contact with other countries regarding memorandums of understanding as well as agreements. “Definitely, we are in contact with officials of departments concerned of other countries on the ... Read More »

Federations of Pak-Indian chambers join hands to enhance bilateral trade

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Federation of Indian Chambers and Commerce (FICCI) have signed an agreement to enhance bilateral trade between the two countries. The agreement was signed between both the representative bodies of traders on the sidelines of the Alishaan Pakistan Expo recently concluded in the Indian capital New Delhi. FPCCI Vice President ... Read More »