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Arab News
2 minutes ago
- Arab News
Pakistan, Kyrgyzstan sign multiple MoUs to deepen cooperation, enhance trade to $100 million
ISLAMABAD: Pakistan and Kyrgyzstan have signed multiple protocols and memorandums of understanding to deepen their economic and technical cooperation and take the bilateral trade volume to $100 million, Pakistan's Press Information Department said on Monday. The statement came after the 5th session of the Pakistan-Kyrgyzstan Inter-Governmental Commission (IGC) on Trade, Economic, Scientific and Technical Cooperation in Islamabad. The meeting marked a significant advancement in the bilateral relationship between the Islamic Republic of Pakistan and the Kyrgyz Republic, reflecting a shared commitment to expand cooperation in diverse sectors of mutual interest. Both sides held in-depth discussions at the session, co-chaired by Pakistan's Energy Minister Awais Leghari and Kyrgyz Cabinet of Ministers' deputy chairman Edil Baisalov, and reviewed progress made since their last meeting, with a renewed focus on strengthening economic and technical collaboration. During the talks, Leghari said the Pakistan-Kyrgyzstan bilateral trade volume had declined from $11.2 million in 2022-23 to $5.18 million in 2024-25, stressing the need to revitalize trade engagement between the two countries. 'The two sides reaffirmed their resolve to boost bilateral trade, setting a target to raise trade volume to USD 100 million,' the PID said in a statement. 'They agreed to work on diversification of exports and imports, revive the Pakistan-Kyrgyz Joint Business Council, and organize business forums, trade fairs, and B2B (business-to-business) exchanges.' The development comes at a time when Pakistan, faced with an economic slowdown, is trying to leverage its strategic geopolitical position to enhance its role as a pivotal trade and transit hub connecting landlocked Central Asia with the rest of the world, with a flurry of visits, investment talks and economic activity taking place between officials from Pakistan and the Central Asian nations in recent months. Both sides signed a number of MoUs to deepen their cooperation in key sectors. An agreement was signed between the Kyrgyz National Investments Agency and the Board of Investment of Pakistan to foster investment cooperation, while another MoU, signed between the Pakistan Halal Authority (PHA) and Kyrgyzstan's Center for Development of Halal Industry, focused on Halal trade cooperation, according to the PID. In the energy and environment domain, the Kyrgyz side proposed joint participation in a power transmission line project connecting Kyrgyzstan, China and northern Pakistan. Both countries agreed to explore electricity imports, collaboration in renewable energy, mining, hydrocarbons, and technical partnerships between institutions like the Hydrocarbon Development Institute of Pakistan and the Kyrgyz State Technical University. 'Discussions also focused on enhancing regional connectivity through logistics and transportation. Both sides agreed to deepen cooperation in postal services, cargo and rail transport, and civil aviation,' the PID said. 'Both countries underscored the importance of strengthening financial cooperation. The central banks of both countries agreed to collaborate on the development of Islamic banking and financial instruments, including training programs through Pakistan's National Institute of Banking and Finance.' The discussions also featured education and scientific collaboration. 'The parties agreed to promote joint training programs, academic exchanges, and institutional linkages,' the PID said. 'Pakistan reiterated its support to Kyrgyz students under the Pakistan Technical Assistance Program (PTAP). Both sides also agreed to explore labor cooperation and establish a Joint Working Group to discuss its modalities.'
Arab News
4 hours ago
- Arab News
Houthis say they hold 10 crew from Greek-operated ship they sank off Yemen
CAIRO/ATHENS: Yemen's Iran-aligned Houthis said on Monday they had rescued 10 seafarers from the Greek-operated cargo ship Eternity C which they attacked and sank in the Red Sea earlier this month. The Liberia-flagged Eternity C was the second ship to sink off Yemen this month after repeated attacks by Houthi militants with sea drones and rocket-propelled grenades. Another Greek-operated vessel, the Magic Seas, had gone down days earlier. The strikes on the two vessels marked a revival of attacks on shipping by the Houthis, who have hit more than 100 ships between November 2023 and December 2024 in what they say is a show of solidarity with the Palestinians in the war in Gaza. The Eternity C crew and three armed guards were forced to abandon the ship following the attacks. Ten people were rescued by a privately led mission, while five more are feared dead mainly due to the attacks. Another 10 people were believed to be held by Houthis, maritime security sources had told Reuters. On Monday, the Houthis group released a six-minute video showing pictures of the 10 seafarers with some of them contacting their families. They also showed testimonies saying that the crew members were not aware of a maritime ban by Houthis against vessels sailing to Israeli ports. They said the vessel was heading to Israel's Eilat Port to load fertilizers. Reuters could not independently verify the footage. In what they called phase four of their military operations, the Houthis said on Sunday they would target any ships belonging to companies that do business with Israeli ports, regardless of their nationalities. Following the recent attacks, Greece said it would deploy a salvage vessel in the Red Sea to assist in maritime accidents and protect seafarers and global shipping.
Arab News
5 hours ago
- Arab News
North Korea says Trump must accept new nuclear reality
SEOUL: North Korea said on Tuesday the United States must accept that reality has changed since the countries' summit meetings in the past, and no future dialogue would end its nuclear program, state media KCNA reported. Kim Yo Jong, the powerful sister of North Korean leader Kim Jong Un who is believed to speak for his brother, said she conceded that the personal relationship between Kim and US President Donald Trump 'is not bad.' But if Washington intended to use a personal relationship as a way to end the North's nuclear weapons program, the effort would only be the subject of 'mockery,' Kim Yo Jong said in a statement carried by KCNA. 'If the US fails to accept the changed reality and persists in the failed past, the DPRK-US meeting will remain as a 'hope' of the US side,' she said. DPRK is short for North Korea's official name, the Democratic People's Republic of Korea. North Korea's capabilities as a nuclear weapons state and the geopolitical environment have radically changed since Kim and Trump held talks three times during the US president's first term, she said. 'Any attempt to deny the position of the DPRK as a nuclear weapons state ... will be thoroughly rejected,' she said. Trump has said he has a 'great relationship' with Kim, and the White House has said the president is receptive to the idea of communicating with the reclusive North Korean leader.
