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  • Pakistan, China agree FTA 2nd phase to lead more trade, investment opportunities

    Pakistan, China agree FTA 2nd phase to lead more trade, investment opportunities

    ISLAMABAD: The leaders of Pakistan and China on Tuesday agreed that the implementation of the 2nd phase of China-Pakistan Free Trade Agreement (FTA) would lead to more trade, economic and investment opportunities between the two countries.

    Other areas of potential collaboration discussed between the two sides included railways, steel, oil and gas, industry and science & technology.

    Prime Minister Imran Khan held wide-ranging bilateral talks with Chinese Premier Li Keqiang at the Great Hall of the People in Beijing on Tuesday.

    The exchange of views particularly covered strengthening of bilateral economic partnership, says a press release received here today from Beijing (China).

    On his arrival, the Prime Minister was presented a guard of honour, accompanied by 19-gun salute.

    The Foreign Minister, Minister of Planning, Development and Reform, Minister of Railways, Advisor on Commerce, Special Assistant to Prime Minister on Energy, and Chairman BOI, Chief of Army Staff, DG ISI, and other senior officials were present.

    The bilateral talks were followed by a banquet hosted by Premier Li. Extending felicitations on the 70th Anniversary of the founding of the People’s Republic of China, the Prime Minister underscored that the All-Weather Strategic Cooperative Partnership between Pakistan and China served the fundamental interests of the two countries and peoples and contributed to peace, development and stability in the region.

    Prime Minister Imran Khan emphasized that expeditious completion of CPEC projects was the foremost priority of his government as this transformational project was pivotal to accelerating Pakistan’s economic development and regional prosperity.

    Premier Li was apprised of the actions undertaken recently to fast-track CPEC projects and to push the development momentum in Gawadar.

    Premier Li underlined the salience of the abiding Pakistan-China relationship and reiterated China’s support for Pakistan’s issues of core national interest.

    Premier Li thanked Prime Minister Imran Khan for the measures to advance CPEC projects and maintained that the second phase of CPEC will be instrumental in reinforcing and consolidating Pakistan’s economic development and pave the way for enhanced Chinese investments in Pakistan.

    The two sides exchanged views on deepening bilateral trade and explored ways of increasing Pakistan’s exports to China.

    The two sides also discussed regional security situation including serious human rights and humanitarian situation in IoJK.

    Prime Minister Imran Khan apprised Premier Li of the latest developments and the importance of urgent action by the international community to alleviate the sufferings of the Kashmiri people in the lockdown.

    Both leaders maintained that frequent and substantive bilateral exchanges were contributing to elevating the All-Weather Strategic Co-operative Partnership to new heights and were reinforcing people-to-people ties.

    The two leaders also witnessed signing of various Agreements and MOUs aimed at deepening Pakistan-China ties in a range of socio-economic sectors.

    Prime Minister Imran Khan reiterated his invitation to Premier Li to visit Pakistan at the earliest opportunity.

  • Pakistan cuts trade ties with India; notifications issued

    Pakistan cuts trade ties with India; notifications issued

    ISLAMABAD: Pakistan has completely cut trade ties with India as the ministry of commerce issued notification for banning import and exports with the neighboring country.

    The ministry of commerce on Friday issued SRO 927(I)/2019 and SRO 928(I)/2019 to impose ban on trade with India.

    Through SRO 927 (I)/2019, the ministry of commerce amended Import Policy Order, 2016 and included India in the list of countries having not trade links. Earlier, only one country i.e. Israel was on the list.

    With the amendment the goods of Indian or Israeli origin or imported from India or Israel are prohibited.

    Similarly, through SRO 928(I)2019, the ministry of commerce also restricted exports to India.

    The ban has been imposed on trade with India following decision taken at the National Security Committee (NSC) against atrocities of India on Kashmiri people.

    Prime Minister Imran Khan on Wednesday chaired meeting of the National Security Committee at Prime Minister’s Office.

    The meeting was attended by Foreign Minister, Defence Minister, Interior Minister, Minister for Education, Minister for Human Rights, Minister for KA&GB, Law Minister, Adviser Finance, CJCSC, COAS, CAS, CNS, SAPM on Information, DG-ISI, DG-ISPR, Secretary Foreign Affairs and other senior officers.

    The Committee discussed situation arising out of unilateral and illegal actions by the Indian government, situation inside Indian Occupied Jammu and Kashmir and along LOC.

    The Committee decided to take following actions:- 1. Downgrading of diplomatic relations with India. 2. Suspension of bilateral trade with India. 3. Review of bilateral arrangements. 4. Matter to be taken to the United Nations, including the Security Council. 5. Independence Day this 14 August to be observed in solidarity with brave Kashmiris and their just struggle for their right of self-determination. 15th August will be observed as Black Day.

    PM directed that all diplomatic channels be activated to expose brutal Indian racist regime, design and human rights violations. PM directed Armed Forces to continue vigilance.

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  • British Airways resumes Pakistan operation on June 03

    British Airways resumes Pakistan operation on June 03

    ISLAMABAD: British Airways will resume its flight operation from Monday June 03, 2019 to Pakistan after a gap of 18 years.

    First flight of British Airways (BA- 261) is arriving at Islamabad International Airport (IIAP) on June 03, 2019 (Monday) at 9:25 A.M from Heathrow (London) where 240 passengers will arrive by the Boeing 787 Dreamliner with Pakistani and British flags in their hands, a statement said on Sunday.

    In line with the spirit of this joyous occasion, Ghulam Sarwar Khan, Minister for Aviation, Abdur Razak Dawood, Advisor to Prime Minister on Commerce, Textile, Industry and Production, Zulfiqar Hussain Bukhari, Special Assistant on Overseas Pakistanis and Human Resource Development along with Shahrukh Nusrat, Secretary Aviation, senior officials of Aviation Division, and the British High Commission will welcome the passengers at Islamabad International Airport.

    The same aircraft, as flight BA- 260, will depart for Heathrow at 11:10 A.M with passengers on board from Islamabad.

    Later in the day, Ghulam Sarwar Khan, Minister for Aviation, Abdur Razak Dawood, Advisor to Prime Minister on Commerce, Textile, Industry and Production, and Ms. Firdous Ashiq Awan along with Thomas Drew, the British Higher Commission, Andrew Brem chief commercial officer British Aiways and Shshrukh Nusrat Secretary Aviation / DG CAA will hold a joint Press Conference.

    As per the flight programme during the summer season, the British Airways will fly thrice a week between London Heathrow and Islamabad. Considering presence of large Pakistani diaspora in the United Kingdom, the BA flights will provide a convenient connection between the two countries. Apart from the diaspora, the flight link will promote cultural values, tourism and business opportunities between the United Kingdom and Pakistan.

    As a new hub for air travel, Islamabad International Airport will provide easy and convenient access to all parts of Pakistan.

    Several other major air operators have shown keen interest in initiating operations to Islamabad.

    It is expected that with the growth of number of passengers and cargo traffic, the initiatives will provide impetus to the growth of the aviation sector in line with the National Aviation Policy, 2019.

    The Aviation Division stands committed to provide world-class passenger experience at Pakistan’s airports with its state-of-the-art facilities and technological excellence.

    Ghulam Sarwar Khan, Federal Minister for Aviation in a statement said that the resumption of British Airways’ flight operation will be counted as a major milestone in the aviation history of Pakistan.

    The London Islamabad route will provide direct connection and ease of transport for our diaspora based in UK.

  • Korea extends $500 million concessional loan to Pakistan

    Korea extends $500 million concessional loan to Pakistan

    ISLAMABAD: Pakistan and Korea signed a framework arrangement amounting to $500 million on Wednesday. The ceremony was witnessed by Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue and Economic Affairs.

    Secretary, Economic Affairs Division, Noor Ahmed and Ambassador of the Republic of Korea, Kwak Sung-Kyu, signed the Framework Arrangement on behalf of their respective governments.

    Under the signed Framework Arrangement (2018-20), Republic of Korea will provide long term concessional financing up to $500 million for execution of various development projects in Health, Information Technology, Communication, Agriculture, and Energy etc.

    Earlier, the Ambassador called on the Adviser and discussed matters pertaining to enhancement of bilateral cooperation between the two countries.

    The Adviser informed the envoy that Pakistan attached significant importance to its ties with the Republic of Korea which had so many layers of cooperation with Pakistan in both public and private sectors.

    The Adviser appreciated the role and cooperation extended by the Republic of Korea for development projects in Pakistan.

    He said that the economic relations between the two countries would be further strengthened with the passage of time and Framework Arrangement will enable Pakistan to seek financing from Korean Exim Bank for development of various Infrastructure Projects in Pakistan.

    The Ambassador of the Republic of Korea hoped that this Framework Arrangement would be instrumental in backing up the economic policies and initiatives being pursued by the new Pakistani government.

    He said that the Arrangement would go a long way in further strengthening bilateral cooperation.

    He also said that Korea would extend all possible cooperation for economic development of Pakistan, which would be greatly conducive to promoting bilateral relations in the years ahead.

  • Pakistan emerges as ideal marked for investment

    Pakistan emerges as ideal marked for investment

    ISLAMABAD: Abdul Razak Dawood, Advisor to the Prime Minister on Commerce, Textile, Industries & Production on Sunday said that Pakistan has become a sought after destination for investment due to Government of Pakistan’s recently carved out investor friendly policies.

    He was addressing at Pakistan – Qatar Trade and Investment Conference that was held in Qatar on March 10, 2019.

    He also elaborated these policies of the government and lucrative incentives being provided to the foreign investors.

    Highlighting the recent economic stability and progressive on-going economic activities in the wake of CPEC; he stated: “Pakistan has emerged as an ideal market for investment.”

    Furthermore, he was of the view that improved security situation has also motivated foreign investors for their safe investments in Pakistan.

    He stated that trade volume between Pakistan and Qatar can be enhanced through increased business engagements.

    He encouraged Qatari investors to invest in Pakistan mainly in the areas related with real estate, hospitality, petro-chemical, food & agriculture etc.

    Qatari Minister of Commerce and Industry Ali Bin Ahmed Al-Kuwari welcomed Pakistani delegates and told that there were approximately 1450 companies mutually owned by businessmen from both sides.

    He further added that Qatari side is ready to invest in Pakistan and is open to provide a platform to the Pakistani investors to use their market for business both inside and outside Qatar.

    He expressed his desire to further the relationship of both sides in trade and investment through regular business exchanges, trade expose and official engagements.

    Haroon Sharif, Chairman, Board of Investment made a brief presentation highlighting the potential areas of investment in Pakistan.

    He reiterated Prime Minister Imran Khan’s statement that it is the best time for investment in Pakistan and the opportunity shall not be missed.

    Yousef Al-Jaidah, Chief Executive Officer of Qatar Financial Center shed light on the new emerging belt initiative which includes countries like Turkey, Kuwait, Iraq, Qatar, Oman, Malaysia and Pakistan.

    He stated that this initiative will further enhance the trade and investment ties amongst these countries.

    Pakistan Ambassador to the State of Qatar Syed Ahsan Raza Shah was also present on the occasion.

    The conference was followed by business to business (B to B) meetings of the businessmen participating from both sides.

  • Business community applauds Pakistan response to India

    Business community applauds Pakistan response to India

    KARACHI: The business community has applauded the professional approach of Pakistan air force for downing two India jets, which intruding into Pakistani soil.

    Dr. Mirza Ikhtiar Baig, Acting President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), business community leaders S.M. Muneer, Iftikhar Ali Malik, Zubair Tufail, Shaikh Khalid Tawab, have vehemently condemned the act of aggression by Indian air force by violating Pakistan Air space and targeting civilians inside Pakistan.

    They said that the Modi’s government is in hysteric state due to their anticipated defeat and they want to create an atmosphere where they can exploit the sentiments of their voters against Pakistan.

    The business community is behind our brave armed forces and expresses its full solidarity with them. Pakistan Armed forces are among the top Professional forces in the world and not only they can defend the motherland but resoundingly respond to the enemy.

    Dr. Baig said that Pakistan is a nuclear state now and any misadventure by India will have catastrophic consequences for them.

    Pakistan has acted with responsibility so far and Prime Minister has shown maturity by offering all options to India.

    Pakistan’s stance has earned support worldwide and no one has seriously taken Indian allegations against Pakistan for Pulwama incident.

    The incident was purely indigenous and reaction to Indian barbaric brutality against Kashmiri people.

    The business community congratulates the Pakistan Air force for downing the tow Indian jets. They said, India must have leant lesson from this response and will think several times before going any further.

    Dr. Baig also lauded the efforts of the Foreign Ministry for engaging the world on this crucial issues and effectively projecting Pakistan stance.

  • Pakistan to strongly respond Indian aggression, NSC decides

    Pakistan to strongly respond Indian aggression, NSC decides

    ISLAMABAD: Pakistan on Tuesday decided to strongly respond to Indian aggression, which violated the airspace.

    In this regard a special meeting of the National Security Committee was held. The committee strongly rejected Indian claim of targeting an alleged terrorist camp near Balakot and said India has committed an “uncalled for aggression to which Pakistan shall respond at the time and place of its choosing.”

    The meeting chaired by Prime Minister Imran Khan here at the PM office, was attended by Ministers of Foreign Affairs, Defence, Finance, Chairman Joint Chiefs of Staff Committee, COAS, CNS, CAS and other civil and military officials.

    The Prime Minister also summoned a special meeting of the National Command Authority on Wednesday – February 27.

    Prime Minister Imran Khan directed that elements of national power including the Armed Forces and the people of Pakistan to remain prepared for all eventualities.

    The meeting “strongly rejected Indian claim of targeting an alleged terrorist camp near Balakot and the claim of heavy casualties,” a statement from the PM House said.

    “Once again Indian government has resorted to a self-serving, reckless and fictitious claim. This action has been done for domestic consumption, being in election environment, putting regional peace and stability at grave risk.”

    The security forum said India has committed uncalled for aggression to which Pakistan shall respond at the time and place of its choosing.

    The National Security Committee said the claimed area of strike was open for the world to see the facts on ground and agreed that the domestic and international media be taken to the impact site. The government also decided to requisition the joint session of Parliament to take all parties on board.

    He also decided to engage with the global leadership to expose irresponsible Indian policy in the region.

    The Prime Minister appreciated the timely and effective response of the Pakistan Air Force to repulse Indian attempt without any loss of life or property.

  • FATF advises Pakistan to continue on action plan implementation

    FATF advises Pakistan to continue on action plan implementation

    ISLAMABAD: Financial Action Task Force (FATF) in its plenary meeting on Friday advised Pakistan to continue to work on implementing its action plan to address its strategic deficiencies.

    The meetings of Financial Action Task Force (FATF) took place at OECD, Paris from February 17-22, 2019 to review the compliance of a number of countries with the international standards on Anti-Money Laundering and Counter Financing of Terrorism (AML-CFT).

    Pakistan was earlier placed by FATF in its Ongoing Compliance Document in view of an Action Plan undertaken by it to strengthen its CFT Regime.

    The FATF reviewed the progress made by Pakistani authorities concerned with CFT role, based upon an analysis carried out by Asia-Pacific Joint Group.

    The FATF noted that Pakistan took several steps to implement the Action Plan including by undertaking Risk Assessment of Terrorism Financing and Cash Smuggling in the country.

    The FATF advised Pakistan for continue work on action plan, included:
    (1) adequately demonstrating its proper understanding of the TF risks posed by the terrorist groups above, and conducting supervision on a risk-sensitive basis;

    (2) demonstrating that remedial actions and sanctions are applied in cases of AML/CFT violations, and that these actions have an effect on AML/CFT compliance by financial institutions;

    (3) demonstrating that competent authorities are cooperating and taking action to identify and take enforcement action against illegal money or value transfer services (MVTS);

    (4) demonstrating that authorities are identifying cash couriers and enforcing controls on illicit movement of currency and understanding the risk of cash couriers being used for TF;

    (5) improving inter-agency coordination including between provincial and federal authorities on combating TF risks;

    (6) demonstrating that law enforcement agencies (LEAs) are identifying and investigating the widest range of TF activity and that TF investigations and prosecutions target designated persons and entities, and persons and entities acting on behalf or at the direction of the designated persons or entities;

    (7) demonstrating that TF prosecutions result in effective, proportionate and dissuasive sanctions and enhancing the capacity and support for prosecutors and the judiciary; and

    (8) demonstrating effective implementation of targeted financial sanctions (supported by a comprehensive legal obligation) against all 1267 and 1373 designated terrorists and those acting for or on their behalf, including preventing the raising and moving of funds, identifying and freezing assets (movable and immovable), and prohibiting access to funds and financial services;

    (9) demonstrating enforcement against TFS violations including administrative and criminal penalties and provincial and federal authorities cooperating on enforcement cases;

    (10) demonstrating that facilities and services owned or controlled by designated person are deprived of their resources and the usage of the resources.

    The FATF urged Pakistan to swiftly complete its action plan, particularly those with timelines of May 2019.

  • Saudi Arabia signs pact for $20bn investment in Pakistan

    Saudi Arabia signs pact for $20bn investment in Pakistan

    ISLAMABAD: Saudi Prince Mohammed bin Salman announced on Sunday that Saudi Arabia has inked investment agreements totaling $20 billion in Pakistan.

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  • World Bank advises Pakistan for urgent water reforms to get economic, social benefits

    World Bank advises Pakistan for urgent water reforms to get economic, social benefits

    ISLAMABAD: The World Bank has advised Pakistan for urged reforms to improve water use efficiency and service delivery to get more economic, social and environmental benefits from its water, subject to urgent reforms.

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