Press Clipping, April 29, 2015

8/17/2019 Press Clipping, April 29, 2015

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DAILY PRESS CLIPPINGS

DA TED: W EDN ES DA Y, AP RIL 29 , 2 01 5


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I NDEX

SHEET

TDAP NEWS

01-15

E C ON O M I C & CO M M E R C IA L N E W S

16-22

REVENUE &

TAXES NEWS

23-26

C O MM O D I TI E S N E WS

27-28

C O R P O R A T E N E W S

29

CHAMBER & ASSOCIATION NEWS

f

30-31

ARTICL ES

32


3/34

BUSINESS RECORDER

April 29, 2015

T D A P N E W S

PAAPAM seeks TDAP's

support for participa tion

in global fairs

M R A F I Q U E G O R A Y A

f the delegations and exhibi- more participation of auto engi-

LAHORE:

akistan tions is to promote bilateral neering sector in global fairs in

Association of Automotive Parts trade, strengthen economic rela- view of the sector's huge poten-

and

ccessories tions and intensify interaction of tial of growth.

Manufacturers(PAAPAM) has the business community with the

Repeated visits and regular

sought support of the Trade host countries.

articipation in international

Development Authority of PAAPAM delegation leader mega events are vital to attract

Pakistan(TDAP) for participa- said the auto engineering sector export orders but TDAP has

tion of local auto engineering of Pakistan was facing a steep restricted its financial support

companies in global exhibitions decline in production due to gov- only to two fairs in a year, lim-

with a view to develop contacts ernment's inconsistent policies, iting just three times participa-

with international manufacturers, demanding that it should be fea- tion in the same category event,

besides analyzing the possibility tured on TDA's export promo- which has become a hurdle for

of the joint ventures with them. tion priorities.

akistani companies to

The demand was made at a The TDAP should give due improve exports, Mumshad

meeting with TDAP Chief importance to international exhi- said.

Executive S Muneer by PAA- bitions which could accelerate PAAPAM SVC said that

PAM delegation led by its senior the depleting exports. PAAPAM buyers are generally ready to

vice chairman Mum shad All,

ends its teams to global events start negotiations when they see

Muneer assured PAAPAM of for studying world automotive a supplier participating in the

his full support for participation industry and introducing its same exhibition over a number

in international fairs. TDAP is members to international market of years. The complete export

being reformed to make it a and build up their businesses process of engineering items

business-friendly organisation, keeping in view global takes 1-3 years, as it includes

facilitating the business commu- economies and scales.

eceipt of inquiry, designing,

nity and trade bodies in their Criticising TDAP subsidy development and sampling and

efforts to promote Pakistan's ratio, which has declined to then issuance of purchase

exports.

0:40 from 80:20, PAAPAM order. Therefore these kinds of

Besides, TDAP has made a SVC said Pakistan has been a limits do not suit the engineer-

comprehensive plan of participa- late entrant in world engineering ing sector, he added.

tion in specialized trade fairs in market and needed support to Mumshad suggested the gov-

various countries for which fulfil the immense potential for ernment to allocate funds to

transparencies are being ensured, exports.

ponsor visiting delegations for

he assured.

e asked TDAP to enhance its exploration of opportunities in

Muneer observed that purpose allocations of funds to ensure untapped and new markets.


4/34

THE NATION

April 29, 2015

T D A P N E W S

Paapam seeks TDAP support

for interna tion al au to fairs

LAHORE (Staff Reporter): The Pakistan Association of Automotive Parts and Ac-

cessories Manufacturers has called for support of the Trade Development Authori-

ty of Pakistan for participation of local auto engineering companies in global exhibitions

with a view to develop contacts with international manufacturers, besides analyzing

thelpossibility of joint ventures with them.

The demand was raised at a meeting with TD A P Chief Executive S M M uneer by PAA -

PAM delegation led by its senior vice chairman, Mumshad Au.

SM Moneer, thief executive of TDAP, assured PAAPAM of his full support for

participation in international fairs. He said TDAP is being reformed to make

it a business-friendly organization, facilitating the business community and

trade bodies in their efforts to promote Pakistan's exports. Besides, TDAP has

made a comprehensive plan of participation in specialised trade fairs in dif-

ferent countries for which transparencies are being ensured. S.M Müneer ob-

served that purpose of the delegations and exhibitions is to promote bilater-

al trade, strengthen economic relations and intensify interaction of the busi-

ness community with the host countries. PAAPAM delegation leader said the

auto engineering sector of Pakistan was facing a steep decline in production

due to government's inconsistent policies, demanding that it should be fea-

tured on TDA's export promotion priorities.

The TDAP should give due importance to international exhibitions which could

accelerate the depleting exports. PAAPAM sends its teams to global events for

studying world automotive industry and introducing its members to international

market and build up their businesses keeping in view global economies and scales.

Criticizing I'DAP subsidy ratio, which has declined to 60:40 from 80:20, PAA-

PAM SVC said Pakistan has been a late entrant in world engineering market and

needed support to fulfill the immense potential for exports. He asked TDAP to

enhance its allocations of funds to ensure more participation of auto engineer-

ing sector in global fairs in view of the sector's huge potential of growth.


5/34

THE NEWS

April 29, 2015

TDAP NEWS

TDA P asked to su pport local auto f irms

By our correspondent

LA HOR E: T he Pakistan A ssociation of Automotive Parts and Ac-

cessories Manufacturers (Paapam)

on Tuesday asked the Trade

D evelopment Authority of Pakistan (TD A P) to support the local

auto engineering companies for participating in global exhibitions.

The demand was raised at a meeting between TD AP Chief Ex-

ecutive SM Muneer and Paapam delegation led by its Senior Vice

Chairman (SVC) M umshad A u, said a statement. The trade author-

ity chief executive assured P aapam of his full support, and ob-

served that the purpose of delegations and exhibitions was to pro-

mote bilateral trade, strengthen economic relations, and increase

interaction of the business communities.

The Paapam delegation leader said that giving due importance

to international exhibitions could accelerate depleting exports.

Criticising TDAP subsidy ratio, which has declined to 60:40

from 80:20 , Paapam S VC said Pakistan has been a late entrant in

world engineering market and needed support to fulfill the im-

mense potential for exports.

PA AP AM SV C said that buyers were generally ready to negoti-

ate with suppliers participating in the same exhibition over a num -

ber of years. The complete export process of engineering items

takes 1-3 years, as it includes receipt of thquiry, designing, develop-

ment and sampling and then issuance of purchase order. There-

fore these kinds of limits do not suit the engineering sector, A u

added.


6/34

PAKISTAN OBSERVER

April 29, 2015

T D A P N E W S

Int'l auto fairs: PAAPAM seeks

TD A P support for participation

S A L I M A H M E D

LAHORE—The Pakistan Association of Automotive Parts and

Accessories Manufacturers (PAAPAM), has called for sup-

port of the Trade Development Authority of Pakistan, for par-

ticipation of local auto engineering companies in global exhibi-

tions with a view to develop contacts with international manu-

facturers, besides analyzing the possibility of joint ventures

with them.

The demand was raised at a meeting with TDAP Chief

Executive S.M. Muneer by PAAPAM delegation led by its

senior vice chairman, Mumshad Ali. S. M. Muneer, chief ex-

ecutive of TDAP, assured PAAPAM of his full support for

participation in international fairs. He said TDAP is being re-

formed to make it a business-friendly organization, facilitating

the business community and trade bodies in their efforts to

promote Pakistan's exports. Besides, TDAP has made a com-

prehensive plan of participation in specialised trade fairs in

different countries for which transparencies are being ensured.

S.M. Muneer observed that purpose of the delegations

and exhibitions is to promote bilateral trade, strengthen eco-

nomic relations and intensify interaction of the business com-

munity with the host countries. PAAPAM delegation leader

said the auto engineering sector of Pakistan was facing a steep

decline in production due to government's inconsistent poli-

cies, demanding that it should be featured on TDA's export

promotion priorities.

The TDAP should give due importance to international

exhibitions which could accelerate the depleting exports.

PAAPAM sends its teams to global events for studying•

world automotive industry and introducing its members to

international market and build up their businesses keeping

in view global economies and scales. Criticizing TDAP

subsidy ratio, which'has declined to 60:40 from 80:20,

PAAPAM SVC said Pakistan has been a late entrant in world

engineering market and needed support to fulfill the im-

mense potential for exports.

He asked TDAP to enhance its allocations of funds to

ensure more participation of auto engineering sector in glo-

bal fairs in view of the sector's huge potential of growth.

Repeated visits and regular participation in international

mega events are vital to attract export orders but TDAP has

restricted its financial support only to two fairs in a year,

limiting just three times participation in same category event.


7/34

T H E E X P RE S S T RIBUN E

April 29, 2015

TDAP NEWS

FOREIGN EXHIBITIONS

PAAPAM wants

support in

participation

O OUR CORRESPONDENT

K A R A C H I .

The Pakistan

Association of Automotive

Parts and Accessories

Manufacturers (Paapam)

has called for the Trade

Development Authority

of Pakistan's (TDAP) sup-

port for participation of

local auto engineering

companies in global exhibi-

tions. The plan is aimed at

developing contacts with

international manufactur-

ers, besides analysing the

possibility of joint ventures

with them.

The demand was raised at

a meeting with TDAP Chief

Executive SM Muneer with

the Paapam delegation led

by its senior vice chairman

Mumshad Au. The chief

executive of TDAP assured

Paapam of his full support

for participation in inter-

national fairs.

He said TDAP is being

reformed and will be

made a business-friendly

organisation.

Meanwhile, Ali said the

auto engineering sector of

Pakistan was facing a steep

decline in production due to

government's inconsistent

policies, demanding that it

should be featured on TDAs

export promotion priorities.


8/34

DAILY TRADE FINANCE

April 29, 2015

T D A P N E W S

International auto fairs

P A A P A M seeks T D A P support for participation

KARACHI: The Pakistan As-

sociation of Automotive Parts

and Accessories Manufactur-

ers, has called for support of

the Trade Development Au-

thority of Pakistan, for par-

ticipation of local auto engi-

neering companies in global

exhibitions with a view to

develop contacts with interna-

tional manufacturers, besides

analyzing the possibility of

joint ventures with them.

The demand was raised at

a meeting with TDAP Chief

Executive S.M Muneer by

PAAPAM delegation led

by its senior vice chairman,

Mumnshad All.

SM Muneer, chief ex-

ecutive of TDAP, assured

PAAPAM of his full support

for participation in interna-

tional fairs.

He said TDAP is being

reformed to make it a busi-

ness-friendly organization, fa-

cilitating the business coinmu-

nity and trade bodies in their

efforts to promnotePakistan's

exports. Besides, TDAP has

made a comprehensive plan

of participation in specialised

trade fairs in different coun-

tries for which transparencies

are being ensured.

S.M Muneer observed that

purpose of the delegations

and exhibitions is to promote

bilateral trade, strengthen eco-

nomic relations and intensify

interaction of the business

community with the host

countries. PAAPAM delega-

tion leader said the auto engi-

neering sector of P akistan w as

facing a steep decline in pro-

duction due to government's

inconsistent policies, demand-

ing that it should be featured

on TDAP's export promotion

priorities.

The TDAP should give

due importance to in-

ternational

xhibitions

which could accelerate

the depleting exports.

PA A PA M sends its teams

to global events for study-

ing world automotive in-

dustry and introducing its

members to international

market and buill up their

businesses keeping in

view glob

q economies

and scales.

Criticizing

DAP

subsidy ratio, which has

declined to 60:40 from

80:20, PAAPAM SVC

said Pakistan has been

a late entrant in world

engineering market and

needed support to fulfill

the immense potential for

exports.

He asked TDAP to

enhance its allocations

of funds to ensure more

participation of auto en-

gineerin sector in global

fairs in view of the sec-

tor's huge potential of

growth—

Repeated visits

and regular participation

in international mega

events are vital to attract

export orders but TDAP

has restricted its financial

support only to two fairs

in a year, limiting just

three times participation

in same category event,

which has become hurdle

for Pakistani companies to

improve exports, Mum-

shad said.

PAAPAM SVC said

that buyers are generally

ready to start negotiations

when they see a supplier

participating in the same

exhibition over a number

of years.

The complete export

process of engineering

items takes 1-3 years, as

it includes receipt of in-

quiry, designing, devel-

opment and sampling and

then issuance of purchase

order.

Therefore these kinds

of limits do not suit the

engineering sector, he

added. Mr. Mumshad sug-

gested the government to

allocate funds to sponsor

visiting delegations for

exploration of opportuni-

ties in untapped and new

markets.


9/34

DAILY EXPRESS

April 29, 2015

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April 29, 2015

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DAILY ISLAM

April 29, 2015

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April 29, 2015

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15/34

BUSINESS RECORDER

April 29, 2015

T D A P N E W S

Trade exhibitions

tobe arranged m

Multan, other

cities: TD A P

RECORDER REPORT

MULTAN:

rade

Development Authority of

Pakistan (TDAP) will organise

trade exhibitions in Multan,

Gujranwala, Faisalabad and

Sialkot to introduce the special

products of these cities interna-

tionally and it was w orking hard

to boost trade in country under

Prime Minister's initiative of

Export Promotion Vision.

He was speaking at a meeting

of executive committee of

Multan Chamber of Commerce

and Industry (MCCI) chaired by

its Senior Vice President Mian

Muhammad Alamgiriamil Khan

here on Tuesday. He said the

government was taking steps to

increase export as the country

had been facing decrease in sur-

gical and sports goods export.

Rana said the government had

acknowledged the significance of

the south which produces good

quality mango, more than 10 mil-

lion bales of cotton. It has crafts-

men of world repute and it was

paying its attention towards its

development and upliftment of

living standard of the people.

He said that China did not give

us a loan but it had planned to

invest $46 billion in Pakistan.

He said that China was the

biggest economy of the w orld. It

had $ 4 trillion dollars reserves.

China had suffered a loss of $83

billion w hen dollar was depreci-

ated in world market. Now it was

not entirely depending upon the

dollar. It was investing in gold

and other metals, industry and

different sectors.

He said that trade

consuls/Attaches are duty bound

to provide information to the

people concerned. If anyone does

not perform his duties properly,

he would have to comeback. He

said that professional commercial

attaches deal with the Chambers

and exporters/importers properly

while there was som e trouble for

the political appointees. He has

urged the exporters to add value

to potentially exportable products

to earn much needed foreign

exchange and revolutionize the

national economy.

He said that TDAP was ready

to assist all the newcomers and

old exporters in preparation of a

road map identifying suitable

importing countries and steps to

export their products to interna-

tional markets. He said that

exporters can have easy access to

update regarding product-wise

situation in the international mar-

kets by contacting TD AP .

He said that Expo Centres in

Sialkot, Multan, Gujranwala can

be established on self-help basis

and chambers would have to bear

all the expenses. Khawaja

Muhammad Farooq, Khawaja

Muhammad Usman, Khawaja

Muhammad Younas, Syed

Iftikhar Hussain Gilani, Mirza

Ali Ahmed raised some ques-

tions about the measures taken

for enhancing the exports.

In his welcom e address Senior

Vice

resident

ian

Muhammad A lamgir Jamil Khan

said that feasibility report of

Expo Centre has already been

approved but it was still in

pipeline. Similarly, display had

been closed.


16/34

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DAILY DUN

April 29, 2015

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18/34

BUSINESS RECORDER

April 29, 2015

Rising expenditure on war on terror

N FC proceedings

b eg

in w ith B ar 's

daring disclosure

'also informed that the 7th N FC

ZAHEERABBASI

isha Ghaus Pasha. said that,carefully improve the efficiency

ISLA MABA D: Secretary

Punjab has given t

nd coordination of recently Award projected increase in

oo many sac constituted

evenue overall revenues to 15% of

Finance Dr W aqar Masood

rifices and no one should expect Authorities, so that businesses GDP, but in fact this appeared

more sacrifices from it. She are not adversely affected due to to have remained stagnant if not

as said that a sub-Commit

added that provincial govern- jurisdictional issues,

ecreased.

tee w ill carry out a detailed

ment requires resources to take

he participants w ere given a

ecretary Finance Dr W aqar

study on the issues of rev-

care of growing manpower in detailed presentation on the con- Masood Khan gave an

enue distribution, expendi-

the province.

titutional status, history and overview of macroeconomic

ture, subsides and grants as

statement issued by

well as debt between federal

Finance Ministry after the meet-

evolution of the NFCs. The indicators. He informed the

meeting w as informed that the meeting that all major indicators

and provincial governments.

ing noted that the inaugural NFCs constituted in 1974, 1990, are positive and the economy of

Talking to media persons after meeting of 9th National Finance 1995 and 2005 had presented the country is on the right track.

Commission was held here on their recommendations, howev- Inflation is dropping while

he inaugural meeting of the 8th

National Finance Commission Tuesday. Finance Minister er, the NFCs constituted in remittances from overseas

lshaq Dar chaired the meeting 1980,

1985

and 2000 could not Pakistanis are increasing. All

(NFC), he said there is growing which besides Dr Abdul Malik make recommendations for an the participants appreciated the

ressure on the federaI govern-

merit in relation to security-relat- Baloch, Chief Minister, Award. The 8th NFC set up in improved economic outlook

edexpenditir. He added that Balochistan and Finance 2010 during its tenure moni- and expressed support for bring-

Ministers of Punjab, Sindh and tored implementation of th

e

7th ing about further improvement

the participants of the commis- Khyber Pakhtunkhwa, was. NFC Award.

n the economy.

sion were given a detailed brief- attended by Prof. Muhammad A brief assessment of the 7th

he

hief Minister,

ing on revenue position and sub- Ibrahim Khan (Khyber NFC Award was also placed Baluchistan, Provincial Finance

sequent expenditure in this Pakhtunkhwa), Dr Kaiser before the Commission. The Ministers as well as the expert

regard. He said that the 7th NFC Bengali (Balochistan) and Dr. Commission was informed fl

embers spoke on the occasion

Award will be ending on June Aisha Ghaus Pasha (Punjab), during the 7th NFC period, and appreciated the visible turn-

30 and the President is empow- Federal Finance Secretary, transfer of resources from around in economy. They

ered to extend the Award. Chief Finance Secretaries of the

Minister Balochistan said that Provinces and officials of NFC Federation to provinces expressed the hope that the

increased substantially. The Commission will succeed in

there is a need to decrease the Secretariat,

share of population in the NF C

ar underlined the need for transfer of resources from fader- arriving at a consensus recom-

ation to provinces was evident mendation at the earliest. The

Award while the representative taking into account significant from the fact that against Commission agreed to under-

of Khyber Pakhtunkhwa averred, expenditures being borne on Rs.677 billion transferred to take a detailed background

that the province's share of war' fighting war on terror, including

in

n F Y 2 0 0 9 - 1 0

ork in the following areas

on terror should be increased a significant enhancement in NFC last financial year), during through constituting Sub-groups

from one percent to 3 percent ml capacity building Of Law the current financial year, on resource Mobilization at

the 8th NFC Award. He also Enforcement Agencies in the

Federal & Provincial Level,

presented a case for the pay- aftermath of a Peshawar car- provinces will be receiving

close to Rs.1600 billion (which devolved versus Integrated Tax

merit of an 'outstanding' Rs 500 nage. He also emphasized the is more than double). As a result Structure - Evolution of Tax

billion against net hydeL profit need for improving overall the fiscal position of provinces Collection Framework in

and Rs 119 billion for water,

esource-base, so that these ris- had been strengthened as corn- Pakistan and allocation efficien-

NFC member of Punjab Dr, ing expenditures can be met. He pared to the federal govern- cy and expenditures analysis at

also stated that there is a need

to

ments. The Commission was the Federal and Provincial level,

rationalization of subsidies and

grants.

The Sub-groups were asked

to complete their work in the

light of which further work of

Commission will proceed.


19/34

BUSINESS RECO RDER

April 29, 2015

Dastgl

*r to persuade Jordan .

to h old ta lk s on FTA

ISLAMABAD: Commerce the Jordan-Pakistan JMC held at future consultations to liberalize

Minister Engineer Khurram Islamabad from 26-27 June services; (vi) to reaffirm their

Dastgir has left for Jordan with 2006, the first round of Jordan- commitments under WTO in

the objective of urging Jordan to Pak FTA exploratory discussions relation to IPR, antidumping,

hold talks on the second round was held in Amman from

4-5

subsidies, safeguard measures,

of Free Trade Agreement (FTA) March, 2009. The first round was TBT and SPS; (vii) a negative

aimed at finalising the pact as exploratory in nature wherein list will be adopted by both par-

soon as possible.

tructure of FTA were discussed ties covering goods that will be

Official sources told Business and the real negotiations were to excluded from tariff elimination.

Recorder the Commerce begin in the second round where- Bound rates for the negative list

Minister has reached Jordan to by chapters covering general pm- items will be negotiated; (viii)

represent Pakistan in Pakistan- visions, trade in goods, rules of an asymmetric approach will be

Jordan Joint Ministerial origin, trade remedies, bilateral adopted in the tariff elimination

Commission (JMC).

afeguard measures etc in addi- taking into consideration the dif-

The total volume of trade tion to tariff elimination modali- ferences in the size of

between the two countries is $ ties would be discussed, conomies of Jordan and

69.625million (exports

46.150 During first round, both par- Pakistan; and (ix) both parties

million $ and imports 23.475 ties discussed the architecture of agreed on adopting as a general

million $, balance of trade posi- FTA and agreed on the follow- rule a flat rate of local content of

tive (+) $ 22.675 million in ings: (i) Free Trade Agreement 35 percent for Rules of Origin at

favor of Pakistan) during 2013- will be negotiated in accordance f.o.b. prices, without excluding

14, which does not match the with the enabling clause; (ii) the possibility of additional

potential of the two economies Jordan will provide the draft text product specific rules.

and bilateral cordial political of the FTA by the end of March In August, 2014 Jordanian

relations.

009; (Jordan side provided the side through Pakistan Embassy

Accordingly, it has been same); (iii) transition period for in Jordan conveyed its interest to

realised to create free trade area tariff elimination will be a maxi- hold 2nd round of PTA negotia-

between the two countries in mum of 10 years; (iv) FTA tions. Ministry of Commerce

order to boost trade and corn- would include, inter alia, chap- showed its willingness for the

merce by facilitating business ters covering general provisions; same on the sideline of 9th

communities through to duty trade in goods, rules of origin, Session of Pak-Jordan JMC

free access in the markets of the trade remedies and bilateral scheduled to be held on 29-30

two countries. Cabinet in its safeguard measures, dispute set- April 2015 in Jordan.

meeting held on October 4, tlement, competition, coopera- According to sources,

2006 had approved the summa- tion in customs administration Pakistan has no FTA or PTA

ry moved by Ministry of and economic and technical with any of the Middle East

Commerce to initiate negotia- cooperation; (v) to reaffirm their countries so conclusion of FTA

dons with Jordan on Free Trade commitments under the WTO with Jordan will open up vast

Agreement.

egarding trade in services and opportunities for Pakistani busi-

In pursuance of 8th session of the agreement will provide for ness community as Jordan is

enjoys duty free access in 'the

US market due to Qualified

Industrial Zones (QlZs). Since

1st January, 2010 USA-Jordan

FT A is fully operationalised.

In JMC Session, Jordan may

be requested for the followings

(in soft and hard form) before

holding of 2nd round of FTA

negotiations:- (i) convey an eafly

date for holding 2nd round of

FTA negotiations; (ii) furnish

Jordanian Customs Tariff with

MFN rates listed for all HS codes

along with rates of all import

related levies, duties, fees, cess,

taxes etc along with value of

imports and exports against each

HS code for the last calendar or

fiscal year (In English language

and Excel Format); (iii) furnish

Jordanian Request list and

Sensitive list/Negative List (In

English language and Excel

Format at 8 digits HS Cod e); (iv)

text and details of FTA & PTA

or other market access arrange-

ments which Jordan has with

other countries of the world; (v)

Embassy of Pakistan, Amman,

Jordan forwarded draft text of the

PTA between Pakistan and

Jordan prepared by Jordanian

side in 2009. The Draft

Agreement contains five

Chapters and proposes four

annexures with only one

attached, the rest of three are not

attached.—MUSHTAQ

GHUMMAN


20/34

BUSINESS RECORDER

April 29, 2015

PB C study on FT A

Pak istan faces higher tar iffs

on exports to C hina

RECORDER REPORT

ompetitiveness China will in strategic relationship for many to the world were identified as

KARACHI: Despite Free the foreseeable future continue decades, with significant contri- lines which Pakistan could offer

Trade Agreement (FTA), to have a positive trade balance bution from China towards the to remove China's tariff conce-

Pakistan still faces higher tariffs with Pakistan, it said.

evelopment of Pakistan's sion list.

on many exports to China as There remains huge potential industrialisation, infrastructure, There was a large trade

compared to other trading part- for exports to China, with total defense and technology,

mbalance between Pakistan

ners.

ndicative potential in 2013 Regional trade is a huge and China. The trade gap went

This was the crux of the coming up to over $ 22.46 bil- opportunity for Pakistan's eco- up from $2.4 billion in 2006

to

Pakistan Business Council lion as compared to $ 21.993 nomic growth; the Pak-China $4 billion in2Ol2.

(PBC) study on Pakistan-China billion in 2012. Pakistan also FTA is part of this opportunity, It said that strategic steps

FTA, released here Tuesday.

as a comparative advantage in steering Pakistan towards were recommended as loss of

The study builds on the work the export of textiles, hides, improving its overall trade per- revenue was expected to lead to

done in the preliminary study vegetables and food products to formance.

ther current tax paying sectors

with the objective of determin- China, study further said.

he study said that tariff con- and added that imports, which

ing if there has been any signifl- In November 2006, both the cessions on Pakistan's top per- may harm local producers

cant change in 2013 in trade governments signed an FTA forming commodities were should be discouraged.

flows similar to those witnessed which came into effect in 2007. found to be lower or at the most Pakistan's top export to

between 2007 and 2012 in This agreement was divided equal for ASEAN countries. China, cotton (HS 2 level), has

Pakistan China Trade.

nto two phases - phase I, which There was an overall increase in increased by 166 percent over

The study showed that while ended in December 2012, China exports 433 percent from 2006 the last

5

years - tariff elimina-

China managed to export along eliminated tariffs on 6,418 prod- to 2012, but 12 percent growth tions on just this product could

57 percent of the lines in which uct lines, with Pakistan doing in exports to China was in prod- significantly boost Pakistan's

it had a preference under the the same on 6,711 product lines ucts which were not part of the exports to China.

FTA, Pakistan's utilisation was over a period of

5

years. in the FTA.

n addition to cotton, there are

a mere 5 percent along lines in phase II, negotiations were There was a significant a number of high-potential

which Pakistan had managed to under way since July 2013, to demand in China for these prod- commodities which face tariffs

'negotiate' concessions. chieve the FTA's initial objec- ucts, but Pakistan was con- of 20 per cent or higher, includ-

In 2013, China's reported tive to eliminate tariffs on at tributing less than 1 percent to ing Jeweller)', Sugar and Rice.

exports to Pakistan came up to $ least 90 percent of all products China's imports for the same.

ut of the eight identified

11.01 billion however Pakistan (both in terms of tariff lines and

t said that exports to China items, six of them face higher

reported $6.62 billion imports trade volume),

ade up less than 10 percent of tariffs than China's other trade

from China. Similarly, Pakistan It is important that Pakistan Pakistan's total exports to the partners. Therefore, it is strong-

reported exports to China stood utilises this opportunity to world, but Chinese exports to ly recommended that these

at $ 2.65 billion while China improve its market access to the Pakistan increased significantly. items should be given better tar-

reported its imports to $3.19 bil- Chinese markets. The target for Following the FTA, China iff concessions or put in the

tars

lion in 2013, depicting a huge bilateral trade of $15 billion by became Pakistan's second if elimination category.

discrepancy of $4.93 billion in the end of phase II, which was largest

mport

artner. here are certain local sectors

bilateral trade between China agreed as part of the original However, Pakistan appeared to which have suffered due to the

and Pakistan.

TA along with the objective of have failed to benefit fully from influx of low-cost Chinese

The study said that there was improving economic relations the FTA.

mports; these sectors should be

a trade deficit in favour of between the two countries PBC in its study recommend- placed on Pakistan's Protection

China in Pakistan-China bilater- through trade.

d that products with high List, in order to boost local

al trade, which had increased

s of the end of 2013, bilater- export potential from Pakistan industries.

from $ 2.78 billion in 2009 to $ al trade equalled over $9.278 were identified as needing to be This report found discrepan-

3.97 billion in 2013.

illion, as compared to $3.421 added to the zero-tariff list for cies in data and statistics; it i

It should however be appreci- billion in 2006 prior to the FTA China's imports under the FTA recommended that data collec-

ated that due to the size of its being implemented.

nd the items which had no tion should be standardised and

economy, its production base Pakistan and China have reported exports to China and monitored to ensure transparent,

and differences in the overall shared a close diplomatic and had low exports from Pakistan accurate and reliable results.


21/34

DAILY DAWN

April 29, 2015

Provinces asked

to monitor prices

ISLAMABAD: The National Price Monitoring

Committee (NPMC) was informed on Tuesday that

inflation came down to 2.5 per cent in March this year,

which was the lowest in the last 12 years.

The committee, chaired by Finance Minister Ishaq

Dar, was further informed that the decline in inflation

was broad-based as food inflation was recorded at

O.Spc, non-food at 3.9pc, core inflation 5.9pc, sensitive

price index 1.9pc and wholesale price index 3.7pc.

The minister emphasised that provinces should play

a proactive role and make extensive administrative

interventions to further ease the price level and also

devise a comprehensive plan to improve the supply

situation of essential items at reasonable prices in

Ramazan.

He also advised the provincial governments to iden-

tify areas where they need federal government's assis-

tance.

The federal government, he said, was ready to pro-

vide maximum support at all levels for the benefit of

common man.

He expressed concern over the rising trend in the

prices of pulses and dairy products.

He directed the Ministry of Food Security and

Research to give a comprehensive presentation on the

measures for attaining price stability, and overcoming

demand-supply gap in the production and consump-

tion of pulses and other minor crops.

The minister directed the Competition Commission

of Pakistan (CCP) to give a presentation in May after

investigating the variations and rise in prices of milk

and pulses. He emphasised on expediting the process

of executive magistracy system.

The Ministry of Interprovincial Coordination

informed that the Council of Common Interests (CCI)

approved, in principle, the proposed amendments in

the Code of Criminal Procedure (CrPc) 1898 for resto-

ration of executive magistracy and to place the draft

bill before parliament.

The Ministry of Law, and the provincial govern-

ments of Sindh, KP and Punjab have supported the

proposal and have shown their consent to become a

party in the appeal filed in Supreme Court by

Government of Balochistan. The minister also

directed the provinces to devise a mechanism to elim-

inate inter-provincial price disparity.

The meeting was informed that the SPI for the week

which ended on April 23 decreased by 0.14pc.

Out of 53 items, prices of 11 items registered

increase which included onion 12.53pc, bananas

2.03pc, mash 1.20pc, milk fresh 0.64pc, garlic 0.23pc,

moong 008pc, irri-6, bread plain, beef, mutton, milk

powdered Nido, gram pulse, kerosene, petrol and die-

sel.

Prices of 15 items decreased which included toma-

toes 1187pc, chicken farm 7.32pc, potatoes 5.00pc,

eggs 3.96pc, LPG 2A6pc, cooking oil 1.26pc, vegetable

ghee 1.10pc, wheat 066pc, rice basmati broken 063pc,

wheat flour 0.41pc, mustard oil 0.32pc, red chilli pow-

der 0.28pc, vegetable ghee 0.25pc, masoor 0.22pc and

sugar 0.14pc—APP -


22/34

DAILY DAW N

April 29, 2015

N A B drops corruption charges against

A min Fahim, 1 2 former bureaucrats

By Syed Irfan Raza

ISLAMABAD:

he

ational

Accountability Bureau exonerated on

Tuesday PPP leader Makhdoom Amin

Fahim and about a dozen former bureau-

crats from corruption charges and decided

to proceed against Pakistan Tehreek-i-

Insaf MNA Gulzar Khan over alleged allot-

ment of state land.

According to NAB's spokesman, a meet-

ing of the executive board presided over by

the bureau's Chairman Qamar Zaman

Chaudhry, decided not proceed further

against former commerce minister Amin

Fahim, Rustam Sidhava and others in a

case about accumulation of assets beyond

their known sources of income because of

lack of incriminating evidence.

It may be mentioned that the Supreme

Court had in Nov 2013 ordered registration

of cases2aij&.Mr Fahim and others for

their involvement in illegal appointment of

National Insurance Company Limited

chairman Ayaz Khan Niazi.

Authored by then chief justice Iftikhar

Mohammad Chaudhry, the judgment said

the case involved issues of corruption and

white-collar crime brought to the notice of

the apex court by the Transparency

International Pakistan.

Others exonerated because of lack of evi-

dence included former chairman of the

Capital Development Authority Kamran

Lashari, ex-accountant manager of BCCI,

London, Shahbuddiri Saddi, director gen-

eral of Balochistan livestock department

Dr Mohammad Azam Kasi and general

manager (technical) of the National

Transmission and Dispatch Company

Muhammad Akhtar.

The NAB board reauthorised two inquir-

ies, one against PTI legislator Gulzar Khan

and the other against former director of

Iqbal Academy Pakistan, Lahore, Suheyl

ljmar.

Gulzar Khan, who had served as senior

member of the Board of Revenue, Khyber

Pakhtunkhwa,' is accused of illegally allot-

ting 6,000 kanals of state land in De

Ismail Khan on leae,

eaAg

about Rs55.35 million to the exchequer.

Suheyl Umar was allegedly involved in

corruption, corrupt practices and misuse of

authority.


23/34

DAILY DUN

April 29, 2015

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25/34

BUSINESS RECORDER

April 29, 2015

Rs225bn

fresh taxation

m easures likely

SOHAIL SARFRAZ

ISLAMABAD: The govern-

-

A t present, the Federal Board

ment is expected to take new

i

of Revenue (FBR) is w orking out

the revenue impact of Statutory

taxation measures ranging

between Rs 22 0 bill ion and Rs

Regulatory Order (SROs) to be

225 billion including adminis-

withdrawn in budget (2015-16).

The next meeting of the commit-

trative measures worth Rs 15

billion in 2015-16 for fixation

tee to review the concessionary

of revenue collection target in

regime would be held on

the proximity of Rs 3,000 bil-

Thursday (April 30).

lion to Rs 3,100 billion for next

in last budget, the government

fiscal year.

had taken taxation/administrative

Sources old usiness

measures of Rs 2 46.255 billion.

Recorder here on Tuesday that

The revenue generation measures

of Rs 231.255 billion and admin-

so far budgetary measures taken

in 201 4-15 generated revenue of

istrative measures of Rs 1 5 b il-

Rs 13 7 billion excluding imp.>

lion were taken last year. In total,

the taxation and administrative

sition of regulatory duty and

enhancement in sales tax rates

measures were R s 246.255 bil-

on petroleum products during

current fiscal year. As per initial

lion.

The FB R had taken relief mea-

estimates, the new taxation may

suies of Rs 12.040 billion. Out of

be up to Rs 220-225 billies

Rs 2 31.25 5 billion new taxation

- 2015-16. The j

mpact of

measures, direct taxes measures

of Rs 1 49.200 billion were taken

tion and relief measures would

fl

udget. Sales tax and federal

be worked out which may be•

excise duty measures totalled at

over and above R s 21 5 bill ion,

The budget markers

Rs 47.700 billion. The taxation

lyzing the total collection from

measures of customs duty

totalled at Rs 3 4.35 6 billion in

the budgetary measures taken in

2014-15.

budget 2014-15. Depending on

the new taxation measures, the

The relief measures taken on

target could be within the vicinity

the customs duty totalled at Rs

1.740 billion; sales tax Rs 2 bit-

of Rs 3,000 billion and Rs 31 100

billion for 2015-16. The macro

lion and relief measures of

economic indicators like G ross

income tax stood at Rs 8.3 billion

Domestic Product (GD P), Large

for 2014-15.

Scale Manufacturing (LSM),

•

imports, inflation and other indi-

qqt9Tp

,,wouId dully be t4çn in

account before finalization of the

revenue projections for 20 15 -16.

In this regard, the Ministry of

Finance has received different

scenarios from the FB R for final-

ization of the revenue collection

target for next fiscal year. The

new revenue collection target

would be set keeping in view the

downward revised target of Rs

2691 billion for 2014-15. The

revised revenue collection target

for last quarter (April-June) of

current fiscal year has been set at

Rs 900 billion. Any shortfall in

revenue collection w ill erode the

base of R s 269 1 billion for set-

ting new tax projections for

2015-16.


26/34

T H E N E W S

April 29, 2015

'FBR supports withdrawal

of incentive on remittances'

By Shahnawaz Akhter

KAR ACH I: The Federal Board

of Revenue (FBR) will ask the

government to cut tax incen-

tives and concessions on trans-

fer of funds from abroad to

check cleansing of black

money through overseas remit-

tances, a senior o fficial said on

Tuesday.

The FBR is in favour of

eliminating such exemp-

tions/concessions that are cre-

ating distortion in the taxation

system, Shahid Hussain Mad,

Member Inland Revenue (Pol-

icy) said at a pre-budget semi-

nar organized by Institute of

Chartered Accountant of Pak-

istan (ICAP). Authorities are

in discussions with the State

Bank of Pakistan to assess the

quantum of inflows.

Asad said the concession

I

should only be available to fam-

ilies and industrial set-up. Th is

facility has been misused and

many potential taxpayers could

not be brought into tax net on

such excuse, the member said

the share of direct tax in total

revenue would increase in

case such concession is re-

moved.

He said such provisions

were made part of the law to

protect the inflows in shape of

foreign remittances to support

the balance of payment, Asad

said.

Talking about the revenue

collection target for the fiscal

year 2014/2015, Mad said the

target is Rs2,691 billion.

So far up to April 2015 the

revenue collection has reached

to Rs1950 billion, which is

Rs200 more then the revenue

received during the period last

fiscal year, he said and hoped

that the revenue body would

able to collect Rs,2650 billion

by end of the current fiscal

year.

The member said the gov-

ernment is committed to in-

crease the tax-to-GDP ratio by

taking various measures and

during the current fiscal year

another 0.7 percent to be added

tax-to-GDP ratio.

Commenting on the taxing

the money transferred abroad

illegally, he said the country is

likely to become member of

global forum for automated in-

formation sharing. But it will

take 2-3 years, he added.

To a question about change

of tax rates in the budget

2015/2016, the member said the

government was not intended

to impose any new tax on

salaried persons. He, however,

said that for non-filers of in-

come tax returns the rate of

withholding tax would be dou-

bled. On the occasion, Saqib

Masood, Chairman, Tax Re-

form Commission suggested

formation of National Tax

Agency for resolution of all tax

matters including federal,

provincial and districts.

From the platform of TRC

it will be suggested to the FB R

to treat the determined refunds

as liability not as revenue col-

lection, Masood. A bout single

stage sales tax, he said that it

wa s still under discussions and

will be finalized on May 4, 2015.


27/34

DAILY EXPRESS

April 29, 2015

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April 29 2015

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29/34

THE NATION

April 29, 2015

D ar takes notice

of h ike in da iry

pulses prices

D

OUR STAFF REPORTER

ISLAMABAD

Show ing concerns over the rising trend of

pulses and dairy products prices, Finance

Minister lshaq Dar directed Competition

Commission of Pakistan (CCP) to give a

comprehensive presentation in May after

concluding their investigation on the dif-

ferences and unnecessary rise in the

prices of milk and pulses.

He gave these remarks w hile chairing a

meeting of N ational Price Monitoring Com-

mittee on Tuesday. The meeting was in-

formed that inflation had come down to 2.5

pc during March 201 5, w hich is the lowest

in last 12 years. The decline in inflation is

broad-based as food inflation is recorded as

0.5p c, non-food is 3.9pc, while core inflation

is 5.9pc, sensitive price index is -1.9pc and

wholesale price index is -3.7pc.

The Finance Minister emphasised that

provinces should play proactive role and

make extensive administrative interven-

tions to further ease the price level and

also devise a comprehensive plan to im-

prove the supply situation of essential

items at reasonable prices in the coming

month of Ramzan. He also advised the

provincial governments to take proactive

measures and identify w here they need as-

sistance from the Federal Government.

The Federal Government is ready to pro-

vide maximum support at all levels for the

benefit of common man in the country.

The Minister directed Ministry of Food

Security & Research to give a compre-

hensive presentation, made under the

directions of the Chair in the last meeting

on the measures for attaining price sta-

bility and overcoming demand and sup-

ply gap in the production and consump-

tion of pulses and other minor crops.

The Chair emphasised for expediting the

process of Executive Magistracy System.

The Ministry of IPC informed that the

Council of Common Interest (CCI) ap-

proved in principle, the proposed Amend-

ments in the Code of Criminal Procedure

(CrPc) 1898 for restoration of Executive

Magistracy and to place the draft B ill in this

regard before the P arliament. Ministry of

Law, Justice and Human Rights and all

three provincial Government of Sindh, KP K

and Punjab have supported the proposal

and have shown their consent to become

a party in the appeal fileçl in the Honorable

Supreme Court of P akistan by Government

of Balochistan and all provinces have be-

come party to the petition being heard in

the Supreme Court.

Th e Chair directed the provinces to de-

vise a mechanism to eliminate inter-

provincial price disparity. The meeting was

informed that the SP1 for the week which

ended on 23rd April 2015 decreased by

0.14 percent. Out of 53 items, prices of 11

items registered increase (Onion 1253pc,

Bananas 2.03pc, Mash Pulse 1.20pc, Milk

Fresh 0.64pc, Garlic 0.23pc. Moong Pulse

0.08pc while prices of Rice lrri-6, Bread

Plain, Beef, Mutton, Milk Powdered Nido,

Gram P ulse, Kerosene Oil, Petrol, Diesel),

while prices of 15 items decreased(Torna-

toes

13.87pc,

Chicken Farm 7.32pc, Pota-

toes 5.00pc, Eggs 3.96pc, LPG 2.46pc,

Cooking Oil (Tin) 1.26pc, Vegetable Ghee

(Tin) 1.10pc, W heat 0.66pc, R ice Basmati

broken 0.63pc, W heat Flour 0.41pc, Mus-

tard Oil 0.32pc.Red Chili Powder 0.28pc,

Vegetable Ghee (Loose) 0.25pc, Masoor

pulse 0.22pc and Sugar 0.14pç) and prices

of 27 items remained stable.


30/34


April 29, 2015

-

ODRY-ING TRADE

$60

9

m

is the value of tow el exports

during March 20 15, compared to

75.2

million in the same m onth

previous year, according to the

P akistan Bureau of S tatistics.

O U R COR R E S P O NDE N T


31/34

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32/34


April 29, 2015

Expectations

L C C I w a n t s b u d g e t t o r e f l e c t

govt's focus on energy

CREATIVE COMMONS

Chamber chief

believes country's

energy mix needs

overhaul

O

OUR CORRESPONDENT

LA H O RE

As the budget 2015-16

looms

closer, the Lahore Chamber of

Commerce and Industry (LCCI)

has expressed hope that the

government w ill keep its focus

on resolving the energy crisis

that has crippled the economy.

LCCI President Ijaz A

Mumtaz, while presiding over

the LCCI Executive Committee

meeting on Tuesday, said that

policymakers would have to

address the concerns of the

business community since

they suffer the most as a result

of the power crisis.

Mumtaz informed that in

Bangladesh, provision of en-

ergy to the trade industry is a

top priority and that is one of

the reasons why their exports

are growing at a good pace.

He said that in order to

tackle the energy shortage,

the government has to allocate

funds for construction of dams

including Kalabagh, water

reservoirs and Thar coal proj-

ect. A t least io% of the total

budget should b e allocated to

hydel power projects

The LCCI president believed

that the country's reliance on

costly thermal power is in-

creasing the cost of production

and the import bill as well.

Therefore, the country needs

an urgent change in its energy-

mix in favour of hydel power

and alternate energy sources.

He suggested the use of bio-

gas for the agriculture sector

- both for electricity genera-

tion and gas for cooking be-

sides producing bio fertiliser.

Mumtaz said that over

185

billion tons of Thar coal re-

serves are enough to provide

ioo,00 0M W of electricity for

lao years. Even though the

government is making efforts

in this sphere, plans need to

be accelerated, said Mumtaz.

Th e official also hoped that

funds would also be made

available for the L NG terminals

to keep the industrial wheel

running especially in Punjab.


33/34

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April 29, 2015

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Press Clipping, April 29, 2015

Documents

Transcript of Press Clipping, April 29, 2015