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US-Saudi Investment Forum emphasizes on better trade links

JEDDAH: Commerce and Industry Minister Tawfiq Al-Rabiah on Friday described the US as one of the most important trade partners of Saudi Arabia. He made these remarks at a high-profile business forum in Washington on Friday. US-Saudi Investment Forum 2015 took place on the sidelines of the visit of Custodian of The Two Holy Mosques King Salman to Washington. Al-Rabiah ... Read More »

Chinese Customs seizes 6360 cell phones, 1574 cell phone accessories, 552 tablet PCs, 49 selenium drums

BEIJING: When exercising control over a consignment of export goods, Luogang Office of Guangzhou Customs District made seizure of 6360 cell phones, 1574 cell phone accessories, 552 tablet PCs, and 49 selenium drums, with a total value of nearly CNY 4 million. The seized products were suspected of infringing upon the trademarks of 10 famous companies such as “IPHONE”, “SAMSUNG”, ... Read More »

Iran’s exports to Azerbaijan $12.1m: customs data

TEHRAN: Iran exported $12.1 million worth of goods to Azerbaijan via the suitcase trade during the first five months of current Iranian fiscal year (March 21-Aug. 22). The figure indicates a fall by 17 percent compared to the same period of preceding year, the Iranian Custom Administration said. The Islamic Republic has exported goods worth $8.25 million via Astara, $1.93 ... Read More »

China Cross-Customs Clearance expedited for foreign trade firms

BEIJING: Recently, a Kunming-based gardening company declared a consignment of lily bulbs imported via Shenzhen Dapeng Port to Liangting control point of Kunming Customs District. Within 10 minutes, the company completed its whole process from declaration form submission to cargo release, and then could pick up its imports at Dapeng Port. It is the first Yunnan-based enterprise that experienced the ... Read More »

Nanjing Customs seizes 100 handbags, 73 pairs of sports shoes

BEIJING: Post Office of Jinling Customs House (affiliated to Nanjing Customs District) seized 100 handbags allegedly infringing upon “Michael Kors” trademark on July 25, and 73 pairs of sports shoes suspected of infringing upon “Nike” and “New Balance” trademarks on the following day. Such counterfeit consumer products were successively extracted by Jinling Customs House via export channel since it rolled ... Read More »

Iran’s exports to Europe registers 49.7% increase to $643m in first five months

TEHRAN: Iran’s exports to Europe registered a 49.7 percent increase in terms of value year on year and stood at $643 million during the first five months of the current Iranian fiscal year (March 21-Aug. 22). The Islamic Republic exported 777,000 tons of goods to the European countries in the 5-month period, which indicates an increase of 8.1 percent in ... Read More »

Bangladesh soybean exports fall 71.59% in August

KOLKATA: Export of soybean meal during August, 2015 was just 769 tons as compared to 2,778 tons in August, 2014 showing a decrease of 72.33 per cent over the same period of last year, according to a release issued by Soybean Processors Association of India (SOPA) on Friday. On a financial year basis, the export during April 2015 to August ... Read More »

Iran to extend ‘peace pipeline’ project to Bangladesh

TEHRAN: Iran is ready to talk extending the “peace pipeline” to Bangladesh in a project which envisages exports of the Iranian gas to Pakistan and India, Tehran’s Ambassador to Dhaka says. Abbas Vaezi said the issue had been discussed between Iranian and Bangladeshi governments as well as with India and Pakistan, adding “they must have a feasibility study” to proceed ... Read More »

Bangladesh customs seizes 16kg gold at airport

DHAKA: Customs Intelligence officials detained a man and seized gold bars and ornaments weighing around 16 kg at Hazrat Shahjalal International Airport in Dhaka on Friday night. The detainee is SM Nurul Islam. On secret information, the customs intelligence officials recovered the gold bars from a toilet at the departure immigration hall of the airport around 10:45 pm. The seized ... Read More »

Dalian Wanda, Suning Commerce sign joint development agreement

BEIJING: Dalian Wanda Commercial Properties Co Ltd and Suning Commerce Group Co Ltd signed a joint development agreement on Sunday, bringing together two of China’s largest commercial giants. Under the agreement, Suning Commerce will open stores at Wanda Plaza properties and deepen cooperation with Wanda E-commerce. Suning will run its branded stores at Wanda Plaza properties that have opened or ... Read More »

Chinese-built dams in Argentina help to boost economy

SHANGHAI: Two Chinese-built dams in southern Argentina are poised to provide not just additional energy, but also a boost to the local economy. The 1,140 megawatt (MW) Nestor Kirchner, and the smaller dam, the 600MW Jorge Cepernic, are located some 2,750 km south of the capital Buenos Aires. Currently under construction in the country’s Patagonia region, the dams are already ... Read More »

China inks currency swap deal $500m with Tajikistan

BEIJING: Tajikistan’s central bank said that it had signed a currency swap agreement worth about 3. 2 billion yuan ($500 million) with China’s central bank. The agreement was signed here Thursday during a meeting between Jamshed Nurmahmadzoda, chairman of the National Bank of Tajikistan (NBT) and Zhou Xiaochuan, governor of the People’s Bank of China (PBOC). The deal lasts for ... Read More »

Tibet’s GDP surges by 281% to $14.5bn in 50 years

BEIJING: Tibet’s GDP soared from 327 million yuan in 1965 to 92.08 billion yuan ($14.5 billion) in 2014, a 281-fold increase, a government white paper published here the other day said. It showed that under the system of regional ethnic autonomy, Tibet’s economic and social development has achieved leapfrog development by constantly reaching higher levels, according to the white paper ... Read More »

Russia to exports 30% of crude oil to Asia by 2020

MOSCOW: Russia expects to send up to 30% of its crude oil exports to Asia as soon as 2020 and has accelerated work on diversifying its markets away from the west, with production in eastern regions expected to see a significant boost in the next few years, energy minister Alexander Novak said. Russia’s East Siberia and Far East are mainly ... Read More »

Saudi customs develops, simplifies customs procedure to transit goods

RIYADH: The Ministry of Commerce and Industry has extended the period of exemption of customs duties from six to 12 months for industrial houses, following frequent requests and appeals by industrialists. An official from the ministry said the extension is being given to facilitate the procedures for the owners of industrial institutions. Customs duty is levied on raw material, half-manufactured ... Read More »

Sound economy backbone for national defence: Shahid Hussain Asad

ISLAMABAD: Federal Board of Revenue (FBR) Member Inland Revenue and spokesman Shahid Hussain Asad has said that there is no difference between the people who are opposing the levy of withholding tax and those who were asking the people not pay utility bills and income tax last year during sit-in by Pakistan Tehreek-e-Insaf. During an exclusive interview with Customs Today, ... Read More »

Chief Collector Zahid Khokhar’s Enforcement-South collects Rs 3.596b customs duty in August 2015

KARACHI: The Model Customs Collectorates Preventive, Hyderabad, Quetta, Gwadar of Enforcement-South Region and Export (Port Muhammad Bin Qasim) have collected at least Rs 3.596 billion under the head of customs duty in August of the fiscal year 2015-16. According to the details available with Customs Today, the MCC-Preventive collected Rs 2.562 billion in terms of customs duty in one month, ... Read More »

FTO settles 82,000 tax refund claims involving Rs 5.389 billion in 2014

ISLAMABAD: The Federal Tax Ombudsman (FTO) settled almost 82,000 claims of duty drawback and tax refund involving Rs 5.389 billion after completing the inquires into filed complaints by exporters and manufacturers during the year 2014. Documents available with the Customs Today disclosed that the FTO office had also made sure the refund of Rs 8.230 billion to concern applicants by ... Read More »

SHC seeks comment from KPT on plea to dump 20,000 metric tons coal

KARACHI: The Sindh High Court (SHC) has sought comments from the Karachi Port Trust (KPT) on an application of a coal importer, seeking permission to dump 20,000 metric tons coal at KPT’s coal terminal. Applicant Awan Trading Company (Private) Limited moved the court, submitting that a vessel carrying over 50,000 metric tons the coal is due to arrive at the Karachi ... Read More »

Chief Collector Zahid Khokhar’s says ‘smuggling of diesel almost stopped’

KARACHI: Chief Collector Enforcement-South Region Zahid Khokhar has said that smuggling of diesel is almost stopped, however, efforts are underway to ensure zero smuggling of diesel and others stuffs. During an exclusive interview with Customs Today, the chief collector said that with continued action against smugglers, a strong message has been sent to them that the Pakistan Customs will never allow them ... Read More »