DAILY PRESS CLIPPINGS

DATED: WEDNESDAY, APRIL 29, 2015

INDEX
SHEET

TDAP NEWS
01-15

ECONOMIC & COMMERCIAL NEWS

16-22

REVENUE & TAXES NEWS

23-26

COMMODITIES NEWS
27-28

CORPORATE NEWS
29

CHAMBER & ASSOCIATION NEWS

if
30-31

ARTICLES
32

BUSINESS RECORDER
April 29, 2015
TDAP NEWS

PAAPAM seeks TDAP's

support for participation
in global fairs
M RAFIQUE GORAYA
of the delegations and exhibi- more participation of auto engiLAHORE:
Pakistan 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 potenand
Accessories 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.
participation 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, limwith a view to develop contacts ernment's inconsistent policies, iting just three times participawith 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.
Pakistani 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 Mumshad All,
sends 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."
receipt 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.
60:40 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 engineercomprehensive 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 govvarious countries for which fulfil the immense potential for ernment to allocate funds to
transparencies are being ensured, exports.
sponsor visiting delegations for
he assured.
He asked TDAP to enhance its exploration of opportunities in
Muneer observed that purpose allocations of funds to ensure untapped and new markets.

THE NATION
April 29, 2015
TDAP NEWS

Paapam seeks TDAP support

for international auto fairs
LAHORE (Staff Reporter): The Pakistan Association of Automotive Parts and Accessories Manufacturers has called for support of the Trade Development Authority 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 TDAP Chief Executive S M Muneer by PAAPAM 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 different countries for which transparencies are being ensured. S.M Mneer observed that purpose of the delegations and exhibitions is to promote bilateral trade, strengthen economic relations and intensify interaction of the business 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 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 I'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 engineering sector in global fairs in view of the sector's huge potential of growth.

THE NEWS
April 29, 2015
TDAP NEWS

TDAP asked to support local auto firms

By our correspondent

LAHORE: The Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) on Tuesday asked the Trade
Development Authority of Pakistan (TDAP) to support the local
auto engineering companies for participating in global exhibitions.
The demand was raised at a meeting between TDAP Chief Executive SM Muneer and Paapam delegation led by its Senior Vice
Chairman (SVC) Mumshad Au, said a statement. The trade authority chief executive assured Paapam of his full support, and observed that the purpose of delegations and exhibitions was to promote 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 SVC said Pakistan has been a late entrant in
world engineering market and needed support to fulfill the immense potential for exports.
PAAPAM SVC said that buyers were generally ready to negotiate with suppliers 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 thquiry, designing, development and sampling and then issuance of purchase order. Therefore these kinds of limits do not suit the engineering sector, Au
added.

PAKISTAN OBSERVER
April 29, 2015
TDAP NEWS

Int'l auto fairs: PAAPAM seeks

TDAP support for participation
SALIM AHMED
LAHOREThe Pakistan Association of Automotive Parts and
Accessories Manufacturers (PAAPAM), has called for support of the Trade Development Authority of Pakistan, for participation of local auto engineering companies in global exhibitions with a view to develop contacts with international 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, Mumshad Ali. S. M. Muneer, chief 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
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 economic 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 policies, 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 immense potential for exports.
He asked TDAP to enhance its allocations of funds to
ensure more participation of auto engineering sector in global 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.

THE EXPRESS TRIBUNE

April 29, 2015
TDAP NEWS

FOREIGN EXHIBITIONS

PAAPAM wants
support in
participation
O OUR CORRESPONDENT
KARACHI. The Pakistan
Association of Automotive
Parts and Accessories
Manufacturers (Paapam)
has called for the Trade
Development Authority
of Pakistan's (TDAP) support for participation of
local auto engineering
companies in global exhibitions. The plan is aimed at
developing contacts with
international manufacturers, 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 international 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 TDA's
export promotion priorities.

DAILY TRADE & FINANCE

April 29, 2015
TDAP NEWS

International auto fairs

PAAPAM seeks TDAP support for participation

KARACHI: The Pakistan Association of Automotive Parts
and Accessories Manufacturers, has called for support of
the Trade Development Authority of Pakistan, for participation of local auto engineering companies in global
exhibitions with a view to
develop contacts with international 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 executive of TDAP, assured
PAAPAM of his full support
for participation in international fairs.
He said TDAP is being
reformed to make it a busi-

ness-friendly organization, facilitating the business coinmunity 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 countries for which transparencies
are being ensured.
S.M Muneer observed that
purpose of the delegations
and exhibitions is to promote
bilateral trade, strengthen economic relations and intensify
interaction of the business
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 featured
on TDAP'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 buill up their
businesses keeping in
view globq 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 immense potential for
exports.
He asked TDAP to
enhance its allocations
of funds to ensure more
participation of auto engineerin sector in global
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,
which has become hurdle
for Pakistani companies to
improve exports," Mumshad 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 inquiry, designing, development and sampling and
then issuance of purchase
order.
Therefore these kinds
of limits do not suit the
engineering sector, he
added. Mr. Mumshad suggested the government to
allocate funds to sponsor
visiting delegations for
exploration of opportunities in untapped and new
markets.

DAILY EXPRESS
April 29, 2015
TDAP NEWS

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April 29, 2015
TDAP NEWS

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April 29, 2015
TDAP NEWS

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April 29, 2015
TDAP NEWS

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April 29, 2015
TDAP NEWS

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April 29, 2015
TDAP NEWS

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BUSINESS RECORDER
April 29, 2015
TDAP NEWS

Trade exhibitions
tobe arranged m
Multan, other
cities: TDAP
RECORDER REPORT
MULTAN:
Trade
Development Authority of
Pakistan (TDAP) will organise
trade exhibitions in Multan,
Gujranwala, Faisalabad and
Sialkot to introduce the special
products of these cities internationally and it was working 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 surgical and sports goods export.
Rana said the government had
acknowledged the significance of
the south which produces good
quality mango, more than 10 million bales of cotton. It has craftsmen 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 world. It
had $ 4 trillion dollars reserves.
China had suffered a loss of $83
billion when dollar was depreciated 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 some 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 international markets. He said that
exporters can have easy access to
update regarding product-wise
situation in the international markets by contacting TDAP.
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 questions about the measures taken
for enhancing the exports.
In his welcome address Senior
Mian
President
Vice
Muhammad Alamgir Jamil Khan
said that feasibility report of
Expo Centre has already been
approved but it was still in
pipeline. Similarly, display had
been closed.

DAILY NAWA-1-WAQT
April 29, 2015

TDAP NEWS

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BUSINESS RECORDER
April 29, 2015

Rising expenditure on war on terror

NFC proceedings
beg-in with Bar's
daring disclosure

Aisha Ghaus Pasha. said that,carefully improve the efficiency 'also informed that the 7th NFC
and coordination of recently Award projected increase in
ISLAMABAD: Secretary Punjab has given too many sac constituted
Revenue overall revenues to 15% of
Finance Dr Waqar 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
has said that a sub-Commit added
that provincial govern- jurisdictional issues,
decreased.
tee will carry out a detailed ment requires resources to take
Secretary Finance Dr Waqar
The
participants
were
given
a
study on the issues of revcare of growing manpower in detailed presentation on the con- Masood Khan gave an
enue distribution, expendi- the province.
stitutional status, history and overview of macroeconomic
ture, subsides and grants as A statement issued by evolution of the NFCs. The indicators. He informed the
well as debt between federal Finance Ministry after the meet- meeting was 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.
the inaugural meeting of the 8th Commission was held here on their recommendations, howev- Inflation is dropping while
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),
there isgoverngrowing which besides Dr Abdul Malik make recommendations for an the participants appreciated the
pressurehe
onsaid
the federaI
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 bringMinisters of Punjab, Sindh and tored implementation of th 7th ing about further improvement
e
the participants of the commis- Khyber Pakhtunkhwa, was. NFC Award.
in the economy.
sion were given a detailed brief- attended by Prof. Muhammad A brief assessment of the 7th
The
Chief 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
members spoke on the occasion
Award will be ending on June Aisha Ghaus Pasha (Punjab), during the 7th NFC period, and appreciated the visible turn30 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,
Dar
underlined
the
need
for
transfer
of resources from fader- arriving at a consensus recomshare of population in the NFC
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 underof 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
work in the following areas
vin
in FY 2009-10
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,
resource-base, so that these ris- had been strengthened as corn- Pakistan and allocation efficienNFC 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.
ZAHEERABBASI

BUSINESS RECORDER
April 29, 2015

Dastgl'*r to persuade Jordan.

to hold talks 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 parsoon as possible.
structure 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).
safeguard measures etc in addi- taking into consideration the difThe total volume of trade tion to tariff elimination modali- ferences in the size of
between the two countries is $ ties would be discussed,
economies 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.
2009; (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 negotiabetween 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.
regarding trade in services and opportunities for Pakistani busiIn 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
FTA 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 Code); (iv)
text and details of FTA & PTA
or other market access arrangements 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

BUSINESS RECORDER
April 29, 2015

PBC study on FTA

Pakistan faces higher tariffs

on exports to China
RECORDER REPORT
competitiveness 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 concePakistan still faces higher tariffs with Pakistan, it said.
development 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,
imbalance between Pakistan
ners.
indicative 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.
has 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.
other current tax paying sectors
with the objective of determin- China, study further said.
The 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.
into 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 eliminaChina 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.
In 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.
achieve the FTA's initial objec- ucts, but Pakistan was con- of 20 per cent or higher, includIn 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.
Out of the eight identified
11.01 billion however Pakistan (both in terms of tariff lines and
It said that exports to China items, six of them face higher
reported $6.62 billion imports trade volume),
made 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 strongreported 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 tarreported 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
partner.
There are certain local sectors
import
bilateral trade between China agreed as part of the original However, Pakistan appeared to which have suffered due to the
FTA along with the objective of have failed to benefit fully from influx of low-cost Chinese
and Pakistan.
imports; these sectors should be
The study said that there was improving economic relations the FTA.
a trade deficit in favour of between the two countries PBC in its study recommend- placed on Pakistan's Protection
ed that products with high List, in order to boost local
China in Pakistan-China bilater- through trade.
As of the end of 2013, bilater- export potential from Pakistan industries.
al trade, which had increased
from $ 2.78 billion in 2009 to $ al trade equalled over $9.278 were identified as needing to be This report found discrepanbillion, as compared to $3.421 added to the zero-tariff list for cies in data and statistics; it i
3.97 billion in 2013.
It should however be appreci- billion in 2006 prior to the FTA China's imports under the FTA recommended that data collecand the items which had no tion should be standardised and
ated that due to the size of its being implemented.
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.

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 identify areas where they need federal government's assistance.
The federal government, he said, was ready to provide 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 consumption 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 restoration of executive magistracy and to place the draft
bill before parliament.
The Ministry of Law, and the provincial governments 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 eliminate 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 diesel.
Prices of 15 items decreased which included tomatoes 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 powder 0.28pc, vegetable ghee 0.25pc, masoor 0.22pc and
sugar 0.14pcAPP -

DAILY DAWN
April 29, 2015

NAB drops corruption charges against

Amin Fahim, 12 former bureaucrats
By Syed Irfan Raza
National
The
ISLAMABAD:
Accountability Bureau exonerated on
Tuesday PPP leader Makhdoom Amin
Fahim and about a dozen former bureaucrats from corruption charges and decided
to proceed against Pakistan Tehreek-iInsaf MNA Gulzar Khan over alleged allotment of state land.
According to NAB's spokesman, a meeting 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 evidence included former chairman of the
Capital Development Authority Kamran
Lashari, ex-accountant manager of BCCI,
London, Shahbuddiri Saddi, director general 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 inquiries, 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 allotting 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.

DAILY DUN"
April 29, 2015

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April 29, 2015

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BUSINESS RECORDER
April 29, 2015

Rs225bn
fresh taxation
measures likely
SOHAIL SARFRAZ
At present, the Federal Board
ISLAMABAD: The governof Revenue (FBR) is working out
ment is expected to take new
i
taxation measures ranging the revenue impact of Statutory
Regulatory Order (SROs) to be
between Rs 220 billion and Rs
withdrawn in budget (2015-16).
225 billion including adminisThe next meeting of the committrative 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).
in last budget, the government
lion to Rs 3,100 billion for next
had
taken taxation/administrative
fiscal year.
measures of Rs 246.255 billion.
Sources told Business
The revenue generation measures
Recorder here on Tuesday that
so far budgetary measures taken of Rs 231.255 billion and adminin 2014-15 generated revenue of istrative measures of Rs 15 bilRs 137 billion excluding imp.> lion were taken last year. In total,
sition of regulatory duty and the taxation and administrative
enhancement in sales tax rates measures were Rs 246.255 bilon petroleum products during lion.
The FBR had taken relief meacurrent fiscal year. As per initial
estimates, the new taxation may suies of Rs 12.040 billion. Out of
Rs 231.255 billion new taxation
be up to Rs 220-225 billies
measures, direct taxes measures
- 2015-16. The j impact of
of Rs 149.200 billion were taken
tion and relief measures would
budget. Sales tax and federal
be worked out which may be fl
excise duty measures totalled at
over and above Rs 215 billion,
Rs 47.700 billion. The taxation
The budget markers
measures of customs duty
lyzing the total collection from
totalled at Rs 34.356 billion in
the budgetary measures taken in
budget 2014-15. Depending on 2014-15.
The relief measures taken on
the new taxation measures, the
target could be within the vicinity the customs duty totalled at Rs
1.740 billion; sales tax Rs 2 bitof Rs 3,000 billion and Rs 31100
billion for 2015-16. The macro lion and relief measures of
income tax stood at Rs 8.3 billion
economic indicators like Gross
for
2014-15.
Domestic Product (GDP), Large
Scale Manufacturing (LSM),
-
imports, inflation and other indiqqt9Tp,,wouId dully be t4n in
account before finalization of the
revenue projections for 2015-16.
In this regard, the Ministry of
Finance has received different
scenarios from the FBR for finalization 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 will erode the
base of Rs 2691 billion for setting new tax projections for
2015-16.

THE NEWS
April 29, 2015

'FBR supports withdrawal

of incentive on remittances'
By Shahnawaz Akhter
KARACHI: The Federal Board
of Revenue (FBR) will ask the
government to cut tax incentives and concessions on transfer of funds from abroad to
check cleansing of black
money through overseas remittances, a senior official said on
Tuesday.
"The FBR is in favour of
eliminating such exemptions/concessions that are creating distortion in the taxation
system," Shahid Hussain Mad,
Member Inland Revenue (Policy) said at a pre-budget seminar organized by Institute of
Chartered Accountant of Pakistan (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 families and industrial set-up. "This
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 removed."
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 government is committed to increase 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 information 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 income tax returns the rate of
withholding tax would be doubled. On the occasion, Saqib
Masood, Chairman, Tax Reform 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 FBR
to treat the determined refunds
as liability not as revenue collection," Masood. About single
stage sales tax, he said that it
was still under discussions and
will be finalized on May 4, 2015.

DAILY EXPRESS
April 29, 2015

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April 29, 2015

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THE NATION
April 29, 2015

Dar takes notice

of hike in dairy,
pulses prices
D

OUR STAFF REPORTER

ISLAMABAD
Showing 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 differences and unnecessary rise in the
prices of milk and pulses.
He gave these remarks while chairing a
meeting of National Price Monitoring Committee on Tuesday. The meeting was informed that inflation had come down to 2.5
pc during March 2015, which is the lowest
in last 12 years. The decline in inflation is
broad-based as food inflation is recorded as
0.5pc, 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 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 the coming
month of Ramzan. He also advised the
provincial governments to take proactive
measures and identify where they need assistance from the Federal Government.
The Federal Government is ready to provide 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 comprehensive presentation, made under the
directions of the Chair in the last meeting
on the measures for attaining price stability and overcoming demand and sup-

ply gap in the production and consumption 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) approved in principle, the proposed Amendments in the Code of Criminal Procedure
(CrPc) 1898 for restoration of Executive
Magistracy and to place the draft Bill in this
regard before the Parliament. Ministry of
Law, Justice and Human Rights and all
three provincial Government of Sindh, KPK
and Punjab have supported the proposal
and have shown their consent to become
a party in the appeal filel in the Honorable
Supreme Court of Pakistan by Government
of Balochistan and all provinces have become party to the petition being heard in
the Supreme Court.
The Chair directed the provinces to devise a mechanism to eliminate interprovincial 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 Pulse, Kerosene Oil, Petrol, Diesel),
while prices of 15 items decreased(Tornatoes 13.87pc, Chicken Farm 7.32pc, Potatoes 5.00pc, Eggs 3.96pc, LPG 2.46pc,
Cooking Oil (Tin) 1.26pc, Vegetable Ghee
(Tin) 1.10pc, Wheat 0.66pc, Rice Basmati
broken 0.63pc, Wheat Flour 0.41pc, Mustard Oil 0.32pc.Red Chili Powder 0.28pc,
Vegetable Ghee (Loose) 0.25pc, Masoor
pulse 0.22pc and Sugar 0.14p) and prices
of 27 items remained stable.

THE EXPRESS TRIBUNE

April 29, 2015

ODRY-ING TRADE

$6009m
is the value of towel exports
during March 2015, compared to
$75.2 million in the same month
previous year, according to the
Pakistan Bureau of Statistics.
OUR CORRESPONDENT

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April 29, 2015

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THE EXPRESS TRIBUNE

April 29, 2015

Expectations

LCCI wants budget to reflect

govt's focus on energy

CREATIVE COMMONS

Chamber chief
believes country's
energy mix needs
overhaul
O

OUR CORRESPONDENT
LAHORE

As the budget 2015-16 looms

closer, the Lahore Chamber of
Commerce and Industry (LCCI)
has expressed hope that the
government will 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 energy 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 project. "At least io% of the total
budget should be allocated to
hydel power projects
The LCCI president believed
that the country's reliance on
costly thermal power is increasing the cost of production
and the import bill as well.

Therefore, the country needs

an urgent change in its energymix in favour of hydel power
and alternate energy sources.
He suggested the use of biogas for the agriculture sector
- both for electricity generation and gas for cooking besides producing bio fertiliser.
Mumtaz said that over 185
billion tons of Thar coal reserves are enough to provide
ioo,000MW of electricity for
lao years. "Even though the
government is making efforts
in this sphere, plans need to
be accelerated," said Mumtaz.
The official also hoped that
funds would also be made
available for the LNG terminals
to keep the industrial wheel
running especially in Punjab.

DAILY JANG
April 29, 2015

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