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Business Recorder
3 days ago
- Business
- Business Recorder
Expo centre in Faisalabad is need of the day: FCCI
FAISALABAD: Expo Centre in Faisalabad is the need of the day to organize international level exhibitions to showcase quality products produced in this export city, said Mr. Rehan Naseem Bharara, President Faisalabad Chamber of Commerce & Industry (FCCI). Addressing the fifth meeting of FCCI Standing Committee on 'Council of Textile and Expo Centre' online, he said that efforts must be expedited in the right direction to materialize this objective as early as possible. He said that Faisalabad has emerged as the export hub of the country which was not only exporting quality textiles but also a long and diverse range of other products. He said that the expo centre would help our exporters to showcase their products in an internationally compliant environment. He appreciated the efforts of Bilal Jamil Convenor FCCI Standing Committee for the establishment of the expo centre in Faisalabad. Bilal Jamil briefed the committee about the progress made in this respect. The meeting discussed in detail the proper allotment of land for the expo centre and its related issues. The meeting was also attended by Dr Tanvir Ahmad Rector NTU, Mian Muhammad Latif, Bao Akram Regional Chairman APTPMA, Arif Ihsan Malik of APBUMA and Gulzar Naveed of APTMA. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
FCCI advocates ‘visible' cut in interest rate
FAISALABAD: A visible cut in policy rate has become imperative to consolidate the economic achievements, reduce production cost, enhance exports and control inflation so that Pakistani exportable surplus could compete with their regional arch rivals in international markets, said Rehan Naseem Bharara, President Faisalabad Chamber of Commerce & Industry (FCCI). He said that the policy rate is already half in other countries and availability of cheap finances help them to give a quantum jump to their exports. 'On the other hand, high policy rate has become a major impediment as our cost of doing business has increased manifold'; he said and added that despite this disadvantage, our exporters are trying hard to compete at the international level. He said that the economy has witnessed signs of improvement due to the collective efforts of the Government and business community. 'International credit rating of Pakistan has improved and PSX touched a historically highest mark.' He said that similarly our exports have also witnessed increase while the current account remained surplus after 14 long years. He said that PKR is also now stable against the dollar while inflation has been contained to the lowest. He said that in these circumstances SBP should come out of over cautious prudence and instead adopt liberal policies to ensure cheap finances for businesses. 'It would help bring down the cost of production and spur productive economic activities.' He suggested that the policy rate should be brought down from current 11 to 6%. He said that it would not only fulfil the long pending demand of the business community to bring policy rate to single digit but also open new avenues of economic uplift on solid and sustained basis. Copyright Business Recorder, 2025
The Hindu
4 days ago
- Business
- The Hindu
Andhra Pradesh Chambers of Commerce & Industry welcomes India-U.K trade agreement
The Andhra Pradesh Chambers of Commerce & Industry hailed the India-U.K. Free Trade Agreement (FTA) signed on July 24, saying that it would open up export opportunities for many sectors in the State. As the United Kingdom gave duty-free access to 99% of Indian exports, sectors such as textiles, gems and jewellery, leather, marine products, agriculture produce, food processing, electronics, chemicals and engineering goods would get a fillip, Andhra Pradesh Chambers president P. Bhaskar Rao said in a press release. He stated that Andhra Pradesh was strong in those sectors but has been struggling for the last few years owing to the pandemic, economic slowdown and global uncertainties. With the FTA, exporters from A.P. could look forward to increased exports not just to the U.K., but also to the European Union via the U.K. Andhra Pradesh is a major exporter of seafood and the U.K.'s $5.40 billion marine import market now gives widened access with zero tariffs thereby boosting exports. Agriculture and processed food products such as turmeric, coffee, mango pulp, pulses, spices, ready‑to‑eat foods and tropical fruits would gain tariff-free U.K. access. The FTA would not only ensure immediate export gains but also has long-term advantages. With the increase in exports in multiple sectors, Andhra Pradesh could expect employment generation. 'It also promises to streamline customs procedures and remove trade barriers which will benefit Andhra Pradesh exporters, particularly those in the MSME sector,' Mr. Bhaskar Rao added.
Time of India
5 days ago
- Business
- Time of India
India-New Zealand conclude 2nd round of FTA talks; achieve progress on trade, investment, economic cooperation
The second round of India-New Zealand Free Trade Agreement Negotiations, which concluded in New Delhi, made significant advancements in multiple areas, including trade in goods and services, investment, rules of origin, customs procedures and trade facilitation, technical barriers to trade, sanitary and phytosanitary measures, and economic cooperation. According to a release by the Ministry of Commerce & Industry, discussions were marked by mutual interest in achieving early convergence on several texts. Both sides reaffirmed their commitment to concluding a balanced, comprehensive, and forward-looking agreement. Explore courses from Top Institutes in Please select course: Select a Course Category Data Analytics Management Project Management Digital Marketing Technology Healthcare Data Science Operations Management Degree Artificial Intelligence healthcare Public Policy MCA CXO MBA Product Management others Others Design Thinking Leadership Data Science Cybersecurity Finance Skills you'll gain: Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Duration: 12 Weeks Indian School of Business Applied Business Analytics Starts on Jun 13, 2024 Get Details The Second Round of negotiations for the India-New Zealand Free Trade Agreement (FTA) concluded successfully on July 25 in New Delhi, further advancing the shared objective of strengthening bilateral trade and economic partnerships. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like ACE Nest Yamuna Expressway – Affordable Luxury Awaits Ace Noida Book Now Undo The Ministry stated that this development catalyses the shared commitment to deepen economic ties, as guided by the Prime Minister of India, Narendra Modi, during the visit of Christopher Luxon , Prime Minister of New Zealand, in March 2025. The FTA was launched during the meeting between Union Minister of Commerce and Industry, Piyush Goyal and Todd McClay, Minister for Trade and Investment, Government of New Zealand, on March 16, 2025. Live Events The Third Round of negotiations is scheduled to be held in New Zealand in September 2025. The intersessional virtual meetings will maintain the forward trajectory set in the second round. According to government data, India's bilateral merchandise trade with New Zealand reached USD 1.3 billion in FY 2024-25, recording a 48.6 per cent growth over the previous financial year, signalling the growing potential of the economic partnership. The FTA is expected to enhance trade flows, support investment linkages, promote supply chain resilience, and establish a predictable and enabling environment for businesses in both countries. Free Trade Agreements (FTAs) are treaties between two or more countries to reduce or eliminate trade barriers such as tariffs, quotas, and import restrictions on goods and services. These agreements aim to promote economic integration, increase market access, and enhance cooperation between nations.
Business Recorder
19-07-2025
- Business
- Business Recorder
‘Successful' strike conveyed a strong message: KCCI chief
KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani, while expressing deep gratitude and heartfelt appreciation to the entire business community for their unwavering support and solidarity in making Saturday's nationwide shutter-down strike a success, stated that the strike, jointly called by KCCI and leading Chambers, as well as, other national trade and industry associations, was held in protest against the harsh, impractical, and anti-business taxation measures introduced through the Finance Act 2025–26. The complete shutdown of markets, industries, and commercial activities reflected a powerful message of economic unity and collective resistance by Pakistan's business community, he said in a statement issued here on Saturday. He emphasised that the strike was not an act of defiance, but a last resort adopted in response to the government's failure to address widespread concerns raised by the business community. Despite several representations and appeals, key anti-business provisions were included in the Finance Act 2025–26 that have generated an atmosphere of fear, uncertainty, and hostility among taxpayers. The business community's key demands, which remain unresolved, include the immediate suspension of Section 37A and 37B of the Income Tax Ordinance, which grant unchecked powers to arrest and prosecute taxpayers without due process; withdrawal of Section 21(s), which imposes unjust penalties on transactions made through cash, a mode of payment still widely used in Pakistan's business Bilwani said that these demands were conveyed in detail to the special committee formed by the Federal Finance Minister and headed by Special Assistant to the Prime Minister (SAPM) on Finance, Haroon Akhtar Khan. The business community expected meaningful outcomes based on the recommendations, and rationale submitted to this committee. However, only verbal assurances were given, which further intensified the frustration and compelled businesses to demonstrate their discontent through a peaceful and united shutdown. He extended particular thanks to the seven industrial town associations of Karachi: SITE Association, Korangi Association, Landhi Association, North Karachi Association, Bin Qasim Association, SITE Super Highway Association, and Federal B Area Association for their resolute and unified response. He also acknowledged the contributions of various sectoral organisations and trade groups including the Pakistan Hosiery Manufacturers & Exporters Association (PHMA), Pakistan Knitwear & Sweater Exporters Association, Karachi Electronic Dealers Association, Sabzi Mandi Association, Local Goods Transporters Association, Kabari Market Association, and Pakistan Petroleum Dealers Association. Furthermore, he expressed appreciation to fellow Chambers of Commerce & Industry from different parts of Pakistan whose active participation reinforced the voice of unity and economic justice. Bilwani made it clear that the July 19 strike was only the first step. He stated that the Karachi Chamber will closely monitor the progress of the Committee led by SAPM Haroon Akhtar during the coming week, particularly with regard to the incorporation of the recommendations provided by KCCI and allied trade bodies. The Chamber expects concrete commitments and actionable reforms in the shortest possible time, as any further delays will be seen as a continuation of disregard for the business community's legitimate grievances. 'If we do not see any meaningful progress or written assurances by the end of next week, we will hold urgent consultations with Members, sectoral stakeholders, and Chambers of Commerce across the country to determine the next course of action.' He said we want dialogue, not confrontation. But if our concerns continue to be ignored, we will not hesitate to intensify our course of action. We remain committed to protecting Pakistan's economy, but that cannot happen unless the business community is heard, respected, and supported. However, President Federal B Area Association of Trade and Industry (FBATI) Sheikh Mohammed Tehseen said that closure of the industrial and trading units countrywide reflects the unity of the business community against absurd laws for giving undue powers to the tax authority. The business community observed a peaceful strike to show their protest and express solidarity; however, the closure of business and economic activities is not in the favour of national interest President SITE Super Highway Masood Pervaiz said that the businessmen community is open for holding consultation with the government for enhancing tax revenue and curbing tax evasion without any element of harassment and stringent attitude. He suggested that the government should work aggressively with the business community towards adoption of digitization in the economic and governance system to achieve multiple objectives at a national level. Also, the government should promote ease of doing business and reduce production costs for business and trade in the country. Copyright Business Recorder, 2025
