Connect with us

Business

Trade volume between Pakistan, Sri Lanka declines in lat seven-year

Published

on

KARACHI: Despite Free Trade Agreement between Pakistan and Sri-Lanka, the trade volume between the two countries currently stands at mere US$ 373 million.

During a meeting between the Consul General of Sri Lanka, G.L. Gnanatheva and officials of Federation of Pakistan Chamber of Commerce and Industry (FPCCI), here the other day,it was observed with concern that a decline of US$ 139 million could be registered between two countries during past seven years.

Sri Lankan CG who had visited the FPCCI office to discuss bilateral trade, investment and FTA potential to improve trade relations between the two countries was joined by FPCCI’s Senior Vice President, Dr Mirza Ikhtiar Baig in taking exception to the fact that trade volume between two countries in 2011 was 512 million as against US$ 373 in 2018.

Exports from Pakistan to Sri Lanka was said to be currently US$ 270 million whereas imports from Sri Lanka to Pakistan stood at US$ 103 as against exports worth US$ 442 million and imports of US$ 70 million in 2011.

Mentioning that FTA between Pakistan and Sri Lanka was in place for past 13 years, Dr Baig said Pakistan had huge potential to export rice to Sri Lanka, however, it was compromised due to import quota restrictions imposed by the later.

As per the Sri Lankan restrictions rice only upto 6,000 tons per anum could be imported. FPCCI officials Ismail Suttar, Muslim Mohammadi, Waqar Mehmood Khan, Jamal Khan Achkazai, Kamal A. Mehmoodi and others present on the occasion joined their vice president, pleading raise in the duty free quota of rice from Pakistan to 25,000 tons per anum.

The Sri Lankan Consul General expressed his desire to increase the exports of Sri Lankan Tea to Pakistan.

He also mentioned that a seminar scheduled for February 2019 will be attended by the High Commissioner of Sri Lanka and senior officials of Sri Lankan Tea Board to apprise local exporters about optimum utilization of FTA between Sri Lanka and Pakistan.

app

Business

Is Uber buying Careem for $3.1b?

Published

on

DUBAI: According to the rumors making rounds here today it seems that Uber is about to acquire Careem for $3.1b!

Sources privy to NPTV have insinuated that the deal will be announced tomorrow (Tuesday 26th March). Initially Uber will pay $1.4 billion in cash and the rest in notes convertible to Uber shares.

It comes as Uber prepares for its initial public offering — expected next month — which could see the rideshare giant’s value increase to $100 billion.

Continue Reading

Asia

Pakistan to receive $2.1b from China

Published

on

China remains largest holder of U.S. Treasuries

ISLAMABAD: According to the Ministry of Finance, it has completed all procedural formalities with Chinese counterpart for a facility of $ 2.1 Billion. 

The amount, due to be received on Monday 25th of March, would further strengthen the country’s balance of payment situation. The funds that would be deposited in SBP would also strengthen foreign exchange reserves position.

Continue Reading

Business

Pakistan to receive US $ 2.1 bln from China by Monday: Spokesman

Published

on

ISLAMABAD: Pakistan will receive US $ 2.1 billion from China by Monday March 25, which would further strengthen country’s balance of payment situation, Adviser and Spokesman for Ministry of Finance, Dr Khaqan Najeeb said.

“The ministry of finance has completed all procedural formalities with Chinese counterpart for facility of RMB 15 billion equivalent to US $ 2.1 billion,” the advisor said in a tweet here Saturday.

He said that the funds would be deposited in the State Bank of Pakistan (SBP) account by Monday March 25, adding that it would further strengthen foreign exchange reserves position and ensure balance of payment stability.

Meanwhile, the advisor clarified that the discussions with international partners do not entail any target level of exchange rate.

In a tweet, the spokesman said that focus was on further strengthening the exchange rate regime, aligning it and keeping it consistent with the evolving macroeconomic fundamentals of the economy.

He said the news related to fixing exchange rate target was baseless and unfounded. “Clearly no target PKR/USD exchange rate is envisaged. Speculation baseless and unfounded,” he tweeted.

He said State Bank of Pakistan’s (SPB) economic models point to the real effective exchange rate at equilibrium value.

He said stability in balance of payment was ensured with a fall in current account deficit and more than adequate foreign financing availability.

 

 

 

app

Continue Reading

News Pakistan Trending