PRO 17-10-2012_Layout 1 10/16/2012 11:38 PM Page 1
Wednesday, 17 October, 2012
Zardari seeks trade liberalisation, tariff cuts among ECO members BAKU
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APP
RESIDENT Asif Ali Zardari Tuesday urged ECO members to expedite implementation of past agreements for trade liberalisation besides cutting down tariff and non-tariff barriers. “We must resolve to operationalise the ECO Trade Agreement from January 1, 2013 and should also facilitate the private sector for promotion of trade, transport and energy
sectors”, he said while speaking at the 12th ECO summit here. The President said that the member states must commit to become a part of this fundamental agreement as this trade agreement was one of the core objectives of this organisation. Emphasising on regional connectivity, the President said that the vision of regional connectivity and trade articulated at the 3rd ECO Summit in Islamabad was given by his wife, Daughter of the East Shaheed Mohtarma Benazir Bhutto, who he said was also his political leader. He said that for most of us, she was a fighter as she fought for the women and children of Pakistan, a country of 200 million people. He said that political legacy of Shaheed Benazir Bhutto was a treasure that we all carry with great humility. The President, referred to her speech of Mohtrama Benazir Bhutto at the 3rd ECO Summit Islamabad in March 1995, in which she said, “in the tapestry of history, our strong cultural and trading ties, our religious bonds, our mutual goals and objectives have woven us together into a rich communal cloth. Our poetry, our literature, our songs, our dances, our legends reflect the community of our nations, the brotherhood of our people.” “This common heritage has given us the collective political will and the modus operandi for further regional cooperation and
integration amongst our ten countries,” he said. The President highlighted collective potential and the various challenges and threats to the potential of the ECO and said that the potential was clearly written in the Treaty of Izmir and in our past pledges. The President said that it was obvious that ECO still has a long way to go to achieve its goals, adding that while other regional blocs have progressed but ECO has not progressed. He said that regional blocks like the European Union and ASEAN continue to deepen their regional linkages but the ECO continue to speak only of potential, rather than results. The President said, “we must ask ourselves that why the ECO has not progressed and that we must challenge ourselves to do better constantly, adding that this was the only way forward for all of us.” “We must challenge ourselves both within our countries, and as a collective group of brotherly nations”, the President said and urged for putting into action a vision of real cooperation among the member countries. Emphasising regional linkages, the President stressed for strengthening regional connectivity, adding that energy must flow from energy rich to energy deficient countries in the region and that oil and gas pipelines and power grids must be built. “The ECO Train, which I like to call the Gul Train, must be implemented”, he said and hoped that it will enhance trade not only among Turkey, Iran and Pakistani businesses but in all countries of the region.
ADB approves $400m for NHA projects ISLAMABAD: Asian Development Bank (ADB) has approved $170 million for National Trade Corridor Highway Investment Programme Project-1 under which 58km Faisalabad-Gojra section is being realised and $ 39 million have been disbursed. Likewise $230 million are allocated for National Highway Development Investment Programme (Project-2). 68 km SukkurJacobabad and 150 km Qila Saifullah -Zhob Road projects are being built through this programme. This was informed in a meeting presided over by Chairman National Highway Authority (NHA) Muhammad Javaid Iqbal Awan to review national highway projects being undertaken with the cooperation of ADB. The ADB Mission was led by transport specialist Dong Soo Pyo. Detailed discussions were made on technical issues of ADB Aided Projects. The meeting also discussed ways and means to solve such issues for earlier completion of the schemes. On this occasion, NHA chief commended the services of the ADB, for providing financial assistance in national highway schemes. He desired to overcome the issues through mutual consultation so that projects could be realised as per schedule. The meeting also discussed various aspects of pipeline projects for 2012-13 which include 20 km segment of Hassanabdal-Havelian Expressway and Gojra-Shorkot section of Faisalabad-Multan. APP
Produce wheats appetite Pakistan is quite comfortable in wheat supply during the current year: API ISLAMABAD APP
Pakistan is quite comfortable in wheat supply during the current year as the country had a bumper harvest of wheat crop for the last 4 years, with an all time record production of 25.21 million tonnes in 2010-11 and for the year 2011-12, the crop is estimated at 23.52 million tonnes. A statement of Agriculture Policy Institute (API) of the Ministry of National Food Security and Research issued here on Tuesday said that, during the current year, the public sector wheat stocks were 9.30 million tonnes including current procurement of 5.79 million tonnes and last year carry-over stocks of 3.51 million tonnes. The public sector on the average annually relapses 6.5 million tonnes to flour mills and other Agencies/Areas and maintaining the Strategic Reserve of one million tonnes, the country is left with 1.80 million tonnes surplus, the statement said. It added that the country is quite comfortable in wheat supply during the current year and in view of sound supply position, the government has allowed the private sector to export wheat and its products. The API statement said that it is reported that the private traders have exported wheat and its products from the open market in recent months in the wake of rising prices in the world market. Major portion of these exports comes from wheat flour, accruing value addition receipts to the econ-
omy. The API statement further said that Wheat is not only the major staple food grain but also the food security crop of Pakistan. Being a very sensitive commodity, a small change in its price and availability has a considerable impact on consumers, especially the poor sections of the community. Hence the Government is much concerned with its supply and demand situation so as to ensure the availability of this basic food security item for the masses. During the current year, the public sector wheat stocks were 9.30 million tonnes including current procurement of 5.79 million tonnes and last year carry-over stocks of 3.51 million tonnes. The public sector on the average annually relapses 6.5 million tonnes to flour mills and other Agencies/Areas. Maintaining the Strategic Reserve of one million tonnes, the country is left with 1.80 million tonnes surplus. Thus the country is quite comfortable in wheat supply during the current year. In view of sound supply position, the government has allowed the private sector to export wheat and its products. It is reported that the private traders have exported wheat and its products from the open market in recent months in the wake of rising prices in the world market. Major portion of these exports comes from wheat flour, accruing value addition receipts to the economy. The Government has also opened releases of wheat to the flour mills w.e.f September 1, 2012 to help stabilize the domestic market. The release price is being regularly monitored by the provincial food departments and is adjusted in line with the emerging domestic and world situation to ensure ample supply of the staple food grain for the sake of food security at home.
Uncle Sam wantS trade… lotS of it KARACHI APP
US cares deeply about promoting Pakistan’s economic development and it is an vowed desire that Pakistan soon moves out of being a developing nation depended on GSP or preferential concessions to increase trade. Preferential trade should not be the goal but the means to establish brands and move upwards. This was stated by US Consul General in Karachi, Michael Dodman, while addressing the members of the Karachi Chamber of Commerce and Industry (KCCI) on Tuesday. The US Consul General, who was accompanied by Anu Prattipati, Jonathan Ward, and Cara Babrowski from the Economic and Commercial Office, added that the targeted focus would be on energy, especially for the benefit of education, businesses and individuals. Recently, UDSAID help launch a programme to improve the electric pumps so that the benefits could soon filter down for overall benefit. Dodman also stated that USTR helped in organizing the USPakistan Business Opportunities Confer-
US keen on promoting bilateral trade: Consul General Dodman ence in London in association with BOI where focus was on investment, especially in the energy sector. There was an unusually plenty of interest in the possibilities of investing in Pakistan. The presence of senior officials from both the countries further created the critical mass in making this Conference effective. An important financing agreement for power sector was also inked during this Conference and, at the same time, the participants were made aware of the facilitation tools available to the investors. The US Consul General also informed that the Pakistan Private Investment Initiative Fund would also be a game changer as it will pool funds from the US government as well as the private sector and would be implemented and managed by USAID. This Fund would target and assist the SME sector and should be extremely beneficial for it. The response from Pakistan’s equity-based funds and financial institutions was very positive and many
proposals have already been received. Dodman also said that the Bilateral Investment Treaty would soon be signed after eight years of negotiations. Once signed, the Treaty would be sent to Congress for final approval. BIT provides assurances and additional level of security for US investors and should send important positive signals to them that Pakistan, with a young population, has immense potential. The US Consul General applauded the initiative of KCCI to form the Pakistan Afghanistan Joint Chamber of Commerce and Industry and the Mumbai Karachi Joint Chamber of Commerce and Industry and termed these
as active road-building ventures promoting Karachi as the Gateway to Afghanistan and Central Asia as well as promoting intra-regional trade and investment. He also complimented KCCI for its role in promoting the KarachiHouston Sister-Chapter Agreement. He was hopeful that KCCI would play a strong role in improving the image of Karachi and Pakistan all over the world, especially in USA. He said the image issue is multi-faceted and there are travel advisories but he assured the businessmen that he would personally take a closer look into these and would use his influence in this regard. He, however, stated that improving image is the
mission of the business community, not foreign diplomats. Siraj Kassam Teli, Chairman Businessmen Group and former President KCCI, explained the workings of the Chamber and also said that this has been the only Chamber to send two high powered delegations to United States to meet officials and businessmen there. He asserted that KCCI has been in the forefront in highlighting the positive aspects of Karachi and Pakistan. One such step has been the holding of My-Karachi Exhibition every year in Karachi. Earlier, President KCCI Haroon Agar, while welcoming the guest, pointed the dynamics of bilateral trade and investment. He enumerated certain sectors that should interest US businessmen and also help in improving the image as well as the business climate in Karachi. He also talked about the various initiatives undertaken to bring about betterment in bilateral relations. Former Presidents Majyd Aziz, Anjum Nisar and Mian Abrar also expressed their views and opinions. Shamim Firpo, SVP and Nasir Mahmood, VP offered their thanks and appreciation to the American diplomats.