logo
ECO's way forward

ECO's way forward

Express Tribune2 days ago
Listen to article
Attaining proactivity in regional cooperation is becoming a sine qua non as distractions continue to haunt geopolitics. The 17th ECO Summit in Azerbaijan's city of Khankendi took a leap forward as it called for buoying understanding among the member states to overcome bilateral frictions and ensure that geo-economics takes roots.
Pakistan flagged the Iran-Israel war, the adamant attitude of India, especially the IWT's unilateral suspension, and the backlash of terrorism from Afghanistan as obstacles hampering regional serenity and development. Prime Minister Shehbaz Sharif underscored that the 10-nation Eurasian bloc offers the 'best hope' for a unified response, and there should not be any looking back.
Pakistan also underlined the necessity of quality development in relevance with climate change considerations. It also proposed developing low-emission corridors, ECO-wide carbon market platforms and a regional disaster resistance system. It's high time the cobweb of railways, roads and waterways, which have successfully been laid down across the region, came to benefit the common man in terms of employment, cheap products and a semblance of growth. So is the case with energy channels that are still in limbo, like the IP gas pipeline, TAPI, CASA-1000 and the trans-Afghan railway connectivity.
The point that some of the states are mulling a 'military alliance' in the region has been promptly negated by Pakistan, as it hopes India will give up its confrontational policy and make SAARC a viable entity. Peace between Pakistan and India is indispensable if regional cooperation is to materialise. The potential could be gauged from the fact that according to SBP, imports from India totalled $211.5 million in the first 11 months of FY25; and in May alone when the conflict broke out, imports stood at $15 million.
The India-based Global Trade Research Initiative has also reported recently that India's unofficial exports to Pakistan are estimated at $10 billion annually, routed primarily through Dubai, Colombo and Singapore. The need is to get it straight for the collective good of the region.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

US professors take Trump's immigration policies to court over pro-Palestinian activities
US professors take Trump's immigration policies to court over pro-Palestinian activities

Express Tribune

timean hour ago

  • Express Tribune

US professors take Trump's immigration policies to court over pro-Palestinian activities

Columbia University graduate student Mahmoud Khalil speaks at a rally to welcome him home after being released from immigration custody, outside the Cathedral of St. John the Divine in New York City, US , June 22, REUTERS Listen to article Groups representing US university professors seeking to protect international students and faculty who engage in pro-Palestinian advocacy from being deported are set to do what no other litigants challenging the Trump administration's hardline immigration agenda have done so far: Take it to trial. A two-week non-jury trial in the professors' case scheduled to kick off on Monday in Boston marks a rarity in the hundreds of lawsuits that have been filed nationally challenging Republican President Donald Trump's efforts to carry out mass deportations, slash spending and reshape the federal government. In many of those cases, judges have issued quick rulings early on in the proceedings without any witnesses being called to testify. But US District Judge William Young in keeping with his long-standing practice instead ordered a trial in the professors' case, saying it was the "best way to get at truth." The lawsuit was filed in March after immigration authorities arrested recent Columbia University graduate Mahmoud Khalil, the first target of Trump's effort to deport non-citizen students with pro-Palestinian or anti-Israel views. Read More: Pro-Palestine group loses bid to pause ban Since then, the administration has canceled the visas of hundreds of other students and scholars and ordered the arrest of some, including Rumeysa Ozturk, a Tufts University student who was taken into custody by masked and plainclothes agents after co-writing an opinion piece criticizing her school's response to Israel's war in Gaza. In their cases and others, judges have ordered the release of students detained by immigration authorities after they argued the administration retaliated against them for their pro-Palestinian advocacy in violation of the free speech guarantees of the US Constitution's First Amendment. Their arrests form the basis of the case before Young, which was filed by the American Association of University Professors and its chapters at Harvard, Rutgers and New York University, and the Middle East Studies Association. They allege the State Department and Department of Homeland Security adopted a policy of revoking visas for non-citizen students and faculty who engaged in pro-Palestinian advocacy and arresting, detaining and deporting them as well. That policy, they say, was adopted after Trump signed executive orders in January directing the agencies to protect Americans from non-citizens who 'espouse hateful ideology' and to "vigorously" combat anti-Semitism. Secretary of State Marco Rubio in late March said he had revoked more than 300 visas and warned that the Trump administration was looking every day for "these lunatics." The goal, the plaintiffs say, has been to suppress the types of protests that have roiled college campuses after Israel launched its war in Gaza following the Hamas-led attack of October 7, 2023. Trump administration officials have frequently spoken about the efforts to target student protesters for visa revocations. Yet in court, the administration has defended itself by arguing the plaintiffs are challenging a deportation policy that does not exist and cannot point to any statute, rule, regulation or directive codifying it. Also Read: At least 24 Palestinians killed in Israeli attacks across Gaza "We don't deport people based on ideology," Homeland Security Department spokesperson Tricia McLaughlin said in a statement Homeland Security Secretary Kristi Noem "has made it clear that anyone who thinks they can come to America and hide behind the First Amendment to advocate for anti-American and anti-Semitic violence and terrorism - think again. You are not welcome here," McLaughlin said. The trial will determine whether the administration has violated the plaintiffs' First Amendment free speech rights. If Young concludes it has, he will determine a remedy in a second phase of the case. Young has described the lawsuit as "an important free speech case" and said that as alleged in the plaintiffs' complaint, "it is hard to imagine a policy more focused on intimidating its targets from practicing protected political speech." The case is the second Trump-era legal challenge so far that has gone to trial before Young, an 84-year-old appointee of Republican President Ronald Reagan. While other Trump-era cases have been resolved through motions and arguments in court, the veteran jurist has long espoused the value of trials and in a recent order lamented the "virtual abandonment by the federal judiciary of any sense that its fact-finding processes are exceptional. Young last month after another non-jury trial delivered civil rights advocates and Democratic-led states a win by ordering the reinstatement of hundreds of National Institutes of Health research grants that were unlawfully terminated because of their perceived promotion of diversity, equity and inclusion.

FBR introduces Pakistan's first AI-powered customs clearance system
FBR introduces Pakistan's first AI-powered customs clearance system

Business Recorder

time3 hours ago

  • Business Recorder

FBR introduces Pakistan's first AI-powered customs clearance system

In a major move towards digitisation, the Federal Board of Revenue (FBR) unveiled Pakistan's first-ever Artificial Intelligence (AI)-based Customs Clearance and Risk Management System (RMS). The new system, launched on the directive of Prime Minister Shehbaz Sharif, aimed at enhancing transparency, reducing human intervention, and facilitating trade, is expected to enhance the efficiency of import-export operations. The development came to light during a meeting regarding matters related to FBR held on Monday, read a statement released by the Prime Minister's Office (PMO). The briefing was told that under this system the cost and nature of goods, during import and export operations, will now be assessed using AI and bots. It was learnt that the risk management system will continue to improve automatically through machine learning, alongside the movement of goods. The meeting was informed that during initial testing, the new system demonstrated over 92% improved performance. The RMS not only determined 83% more Goods Declarations (GDs) for tax collection but also enabled 2.5 times more GDs to be cleared through the green channel. Pakistan's e-commerce sector faces operational costs surge amid new taxes The attendees were told that the new RMS will bring transparency to the system, minimize human intervention, and facilitate the business community. The system will allow instant and efficient estimation of goods and their value, resulting in time savings, the meeting noted. 'Reforming the FBR is among the top priorities of the government,' said PM Shehbaz. 'By automating the tax system, we are making it more transparent and effective. This technology-driven system will ease doing business and provide convenience to taxpayers,' he added. The prime minister also instructed that the new system be made integrated and sustainable, and praised the officers and staff involved in developing the new RMS. Moreover, a review meeting, chaired by PM Shehbaz, was held to assess ongoing FBR reforms. The meeting was informed about video analytics-based measures to improve tax collection in the manufacturing sector. The PM was told that through this system, tax recovery will be conducted in an automated and transparent manner. This will increase government revenue and allow taxpayers to pay taxes without human interaction. The system is low-cost and showed 98% efficiency during initial testing. Officials also briefed the meeting on the system's potential to increase tax collection from the manufacturing sector.

Boom-bust cycle: SBP advises not to repeat past mistakes of accelerating demand, rapid economic growth
Boom-bust cycle: SBP advises not to repeat past mistakes of accelerating demand, rapid economic growth

Business Recorder

time5 hours ago

  • Business Recorder

Boom-bust cycle: SBP advises not to repeat past mistakes of accelerating demand, rapid economic growth

Pakistan will not 'repeat past mistakes such as accelerating demand and economic growth too rapidly', State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Monday. Speaking at the launch of the Women Entrepreneurs Finance Code by SBP, he said he was confident that the ongoing transition from hard-earned economic stabilization to growth would remain sustainable — unlike the recurrent boom-bust cycles witnessed in recent years. He said the strong build-up in the country's foreign exchange reserves (held by SBP) is one of the many reasons behind his confidence for achieving long-lasting economic growth this time, as SBP's FX reserves have surged five times to $14.5 billion at present compared to less than $3 billion at the start of the calendar year 2023. 'This reserve build-up is driven by our FX purchases (from local currency markets including inter-bank market) rather than external debt raised by the commune as was the case between 2015 and 2022,' he said. He added the rate of inflation has come down sharply, the current account has turned into a surplus, and SBP FX reserves are rising. 'The exchange rate is relatively stable and economic growth is also picking up gradually… most importantly, the economic outlook at present is far more promising than a couple of years ago,' he added. As a result of tough but necessary macroeconomic stabilization measures implemented by the SBP and the government, 'we are now out of the difficult period,' he said. 'Economic growth showing signs of recovery' 'The period of stabilization has often been followed by a boom-bust cycle. To avoid repeating these patterns (this time), it is crucial not to repeat past mistakes such as accelerating demand and economic growth too rapidly, especially in inward-looking sectors,' Ahmad said. 'Economic growth is showing signs of gradual, consistent and sustainable recovery. Unlike in the previous episodes of boom-bust cycles, the current policy mix remains conducive to a lasting increase in economic activity rather than a short-sighted, fragile and populist sugar rush…With the focus now increasingly shifting towards structural reforms we strongly believe that this time is indeed different for Pakistan's economy,' he added. Ahmad elaborated that the confidence behind targeting to achieve a sustainable economic growth this time is strongly supported by 9-year low headline inflation reading at average 4.5% in fiscal year 2024-25. 'We are increasingly confident that with prudent and coordinated mix of monetary and fiscal policies inflation will stabilize within its target range of 5% to 7%.' He also said the FX market remains stable. 'The current account balance is projected to remain supportive, driven by robust remittances and resilient exports despite rapid growth in both the value and volume of imports in line with the ongoing economic recovery,' the SBP Governor said. He maintained that the fiscal policy has proactively supported monetary tightening as reflected in the second consecutive primary surplus in fiscal year 2025. 'Both tax and non-tax revenues have shown sizable growth, while overall expenditures have remained relatively contained. The government of Pakistan is targeting a higher primary surplus for the fiscal year 2026.' Lastly, but most importantly, the focus is now shifting towards reforms that address structural issues. 'Efforts to widen tax-based, privatized SOEs (state-owned entities) and liberalized trade will bring greater efficiency, enhance the role of the private sector and improve competition,' he said. The State Bank of Pakistan launched the Women Entrepreneur Finance Code in partnership with the Asian Development Bank with a $500 million loan program to support women-led businesses. Some 20 banks and financial institutions joined the initiative, which was also supported by the World Bank.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store