Pakistan customs mark a historic achievement
Pakistan Customs, in collaboration with the National Logistics Corporation (NLC), has marked a historic achievement by clearing the inaugural shipment under the Multimodal International Road Transport (TIR) Convention. This move positions Pakistan as a potential key player in the regional transit hub. The operational success of the uni-modal TIR system under Pakistan Customs paved the way for NLC, working with the Directorate General Transit Trade Customs, to initiate the Multi-modal TIR transportation service for foreign traders, terminal operators at the Karachi International Container Terminal (KICT), and the web-based computerised clearance system (WeBOC) team.
Committee opposes FBR overhaul before elections
An Arm of the Senate expressed its opposition on Wednesday to the interim government’s decision to overhaul the Federal Board of Revenue (FBR) and summoned the interim ministers of law and finance to justify their manoeuvres in introducing new legislation.
The Senate Standing Committee on Finance made this decision after the Chairman of the Federal Board of Revenue, Malik Amjad Zubair Tiwana, confirmed that the proposed restructuring of the organisation would necessitate wholesale legal changes, breaking it into six to seven pieces.
“The Initial working showed that around 1,000 amendments would be required in the laws and rules to implement the restructuring approved by the Special Investment Facilitation Council (SIFC),” said the FBR chairman.
CA surplus hits 6-month high
Pakistan experienced a surge in its current account surplus, reaching a six-month high at $397 million in December 2023. While this has improved the country’s capacity for international payments, it comes at the expense of economic activities.
The Increase in the current account surplus is attributed to a rise in workers’ remittances and a reduction in imports. This indicates that the supply of foreign currency has improved in the domestic economy, supporting the gradual upward rally of the rupee.
The State Bank of Pakistan (SBP), in its latest monthly update released on Wednesday, revised down the balance of the current account to a deficit of $15 million for November, compared to the earlier provisional surplus of $9 million reported for the month.
With this, cumulatively for the first half (Jul-Dec) of the fiscal year 2023-24, the current account deficit reduced to $831 million, a significant improvement compared to the $3.63 billion recorded in the same period of the previous fiscal year, marking a 77 percent YoY improvement.
IT exports increase on fair policies
Pakistan’s information technology exports rose 17 percent and reached $303 million in December 2023 against exports of $259 million in November, as the country’s IT experts and freelancers continued to make inroads into international markets.
This is in line with increased focus of the government and growing calls from analysts to capitalise on the high potential of Pakistan’s IT industry that is believed to push annual exports to $10 billion over the next three years.
On a year-on-year (YoY) basis, IT exports surged 22.7 percent in December as compared to exports valuing at $247 million in the corresponding month of last year.
In the first half (Jul-Dec) of the current fiscal year, IT exports came in at $1.5 billion, which was 9 percent higher than exports of $1.3 billion in the corresponding period of the previous year.
CPEC development strengthens building of China-Pakistan community
In the Central Conference on China’s Foreign Affairs held in Beijing on December 27-28, 2023, President Xi Jinping delivered a keynote speech in which he systematically reviewed the historic achievements and valuable experience of major-country diplomacy with Chinese characteristics in the new era, gave a profound exposition on the international environment and historical mission of China’s external relations on the new journey, and made comprehensive policy plans for the present and coming periods.
One of the most noteworthy takeaways is that China remains committed to building a community with a shared future for mankind with all countries around the world, and the building of a community with a shared future for mankind is the core tenet of Xi Jinping Thought on Diplomacy.
Building a community with a shared future for mankind started from Asia, China’s neighbouring countries. This grand vision, first put forward by President Xi Jinping in 2013, has gained an ever increasing popularity among China’s partners at its doorstep and beyond.
Pakistan’s fruit and vegetable exports
Patron-in-Chief of the All Pakistan Fruit & Vegetable Exporters, Importers, and Merchants Association (PFVA), Waheed Ahmed, has emphasised crucial strategies to bolster Pakistan’s fruit and vegetable exports. Speaking at an orientation session for 40 newly-appointed Trade and Investment Officers (TIOs) organised by PFVA, Ahmed underscored the significance of research and development, diverse varieties, improved quality, and addressing quarantine challenges and shelf life issues.
According to a press statement released on Tuesday, he highlighted critical issues obstructing the full realisation of Pakistan’s export potential in fruits, vegetables, and value-added products.
Latest Pak-China air cargo route launched
Pakistan Ambassador to China, Khalil Hashmi, said that the new cargo route between Pakistan and China is an important driver for trade between the countries and is a significant step forward in bilateral connectivity spectrum.
“A welcome development and an important driver for trade between Pakistan and China,” he said in a statement. Hashmi said, four airlines with several weekly commercial flights were already operating between both countries. The new air cargo route was launched last week linking Ezhou Huahu Airport in central China’s Hubei Province with Lahore.