Tag: Trade

Pakistan and China to implement new trade tariff concessions

Ministry of Commerce has announced that the tariff concessions under Phase-II of the CPFTA will be implemented between the governments of Pakistan and China from 1st January 2020. As per the agreement, the CPFTA-II will immediately eliminate the tariff on 313 tariff lines of Pakistan’s export interest covering  $8.7 billion worth of Pakistan’s global export and $64 billion of Chinese global imports.

Poland shows interest in extending trade ties with Pakistan

Poland has shown interest in enhancing bilateral trade with Pakistan. According to Poland Ambassador to Pakistan Piotr A Opalinski, Pakistan and Poland have good potential to trade many goods with each other as bilateral trade volume between Poland and Pakistan had increased to over half a billion euros. The envoy said Poland was located in central Europe and could become a hub for Pakistan’s exports to the European Union.

US to send 15 trade delegations to Pakistan in 2020: Alice Wells

The United States is planning to send 15 trade delegations to Pakistan in 2020 to explore possibilities for expanding trade with the country, says Assistant Secretary of State Alice Wells. This information was in a paper which Wells read at a Washington think-tank last week. She added that both the governments are working to increase US-Pakistan trade and investment relationship.   

U.S-Pakistan trade ties will set a new record this year: White House

The trade ties between Pakistan and the United States are set to witness a new record this year as U.S. President Donald Trump and Prime Minister Imran Khan have reaffirmed their commitment for a stronger relationship, said the White House. Recalling their conversations in Washington and New York, the two leaders agreed to deepen bilateral collaboration, including at relevant multilateral fora.

Ban on import of Indian medicines lifted

In order to avoid a severe crisis vis-à-vis availability of life-saving drugs in the local market, the government has lifted the ban on import of medicines and raw material from India. Ban on other trade items will remain. The exemption is given in the best interest of the public and in order to maintain supply of medicines to patients.

China to help FBR reduce misdeclarations at ports

Pakistan and China have decided to enter into an agreement to control misdeclaration at the country’s ports, as the menace has been causing massive revenue and foreign investment loss. In order to control corruption within the customs department and reduce misdeclaration, the two countries will automate the port data and declaration system. Currently, 62% of declared goods at port showed discrepancies.

Malaysian PM proposes common East Asia currency for trading

At the Future of Asia forum in Tokyo, Malaysia’s PM Mohamad Mahathir proposed that East Asia should consider a common regional trading currency based on gold to promote commerce and stability, and free the region from relying on dollar transactions. He emphasised that this currency would be used for regional trade only and would not replace domestic currencies.