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Pakistan on Tuesday has dismissed China’s demand to allow usage of its currency in Gwadar’s free trade zone under China Pakistan Economic Corridor, reported Roznama Dunya on Wednesday.

As per details, Pakistani officials argued that any such step would undermine country’s ‘economic sovereignty’. The final message to Chinese officials was served during huddle of the senior officials in Islamabad yesterday (Tuesday).

A senior official, on condition of anonymity stated that Beijing wants to use its currency in Pakistan as part of policy to internationalize the renminbi [the official name of China’s currency].

Chinese and Pakistani officials agreed to make all financials arrangements under existing bilateral Currency Swap Arrangement. However, the aforementioned agreement would expire in ongoing month.

Two sides also agreed to create mutual committees on agriculture and information technology. Chinese officials also approved proposal to lay double-track from Karachi to Khyber.

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Business

LAHORE: 

 
The auto parts industry is on the verge of collapse due to imposition of regulatory duty and anti-dumping duties over the past two years, said Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) Chairman Iftikhar Ahmad.

He said this at a meeting convened by the federal secretary for commerce, at the request of PAAPAM, to discuss the issue of regulatory duty on steel products and granting exemption to the automotive industry through the exemption clause (n) “for imports under SRO 655(I)/2006” in the recently issued SRO 1035(I)/2017.

 

 

The meeting also included representative from the Federal Board of Revenue, Engineering Development Board and the National Tariff Commission.

Ahmad said that initially, the only justification for imposition of regulatory duty was decline in prices of steel in the international market. Now, the international market has turned bullish and prices are constantly rising, which is making it difficult to bear the burden of the duty.

He further said that as per new five-year Auto Development Policy (ADP) 2016-21, which was formally announced by the ECC on March 21, 2016, a comprehensive tariff structure for the auto industry was notified in Budget 2016-17, including customs duty rate of 1% on import of raw materials not manufactured locally.

In the light of the new ADP, it is totally unjustified to modify its approved tariff structure by maintaining the previous levies of regulatory duty on raw materials not manufactured locally.

The representative of all departments attending the meeting looked convinced by the narration of PAAPAM chairman and assured of their support of the proposal when submitting reports to their respective heads.

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Business, Global

KARACHI: Ambassador of Azerbaijan in Pakistan, Ali Alizada has invited the members of Karachi Chamber of Commerce and Industry to set up their industries, particularly the pharmaceutical units at Azerbaijan’s Free Trade Zone in Baku, where they can enjoy numerous facilities in a business friendly atmosphere.

The pharmaceutical products cannot only be supplied to the Azerbaijani market but also to other Central Asian Republics as there was a huge demand for pharma products in the region , he said during interactive session with the members of KCCI at the Chamber, said KCCI press release on Tuesday.

He sought KCCI’s assistance in finding a suitable and credible partner who could supply rice and textiles in the Azerbaijani market as businessmen were keen to import these products from Pakistan whereas they can also strawberries, grapes and pomegranates to Pakistani market. Referring to China-Pakistan Economic Corridor, Ali Alizada said that Azerbaijan and Iran were also working together on a railway project to connect Asia with Europe.

This rail road link was important as it will significantly facilitate and expedite exchange of goods and trade in the region, he added. 

President KCCI Muffasar Atta Malik, Senior Vice President KCCI Abdul Basit Abdul Razzak, Vice President Rehan Hanif and KCCI Managing Committee members attended the meeting.

President KCCI Muffasar Atta Malik informed that during Fiscal Year 2017, Pakistan’s export to Azerbaijan stood at $17.06 million and imports figured $ $0.04 million.

He urged that the business communities of the two brotherly countries would have to work together to increase the negligible trade.

This could be through more exchanges of trade delegations, constant interactions and other trade promotional activities.

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Business, Global

BEIJING: The sky seems to be the limit for Chinese online shopping portal Taobao, which auctioned off two Boeing 747 jumbo jets on Tuesday for nearly US$50 million.

Chinese air cargo company SF Airlines bought the pair for over 320 million yuan (US$48 million), the official Xinhua news agency reported.

After six failed attempts over two years to sell three 747s from defunct carrier Jade Cargo International, a court in the southern Chinese city of Shenzhen decided to auction them online.

The jets were put up for sale Monday on Taobao, which handles billions of dollars in orders for everything from everyday items like food and stationery to the bizarre -such as giant cargo planes and even bottled flatulence.

The third freighter could not be sold because only one buyer registered for the auction.

Taobao, the shopping platform of e-commerce giant Alibaba, is immensely popular in China and estimated to hold more than 90 per cent of the consumer-to-consumer market.

Its hundreds of millions of users include courts trying to auction off assets of bankrupt businesses.

Xinhua said Taobao started a judicial sales platform in 2012 with which most Chinese courts have registered.

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