Business

Pakistan green lights live cattle import from Brazil

Published

11 months ago

Farwa

Brazil also received green light to export tilapia fish to Philippines.
Brazil exported total of nearly $489 million in live cattle last year.
Pakistan’s imports from Brazil last year amounted to $298 million.

SAO PAULO: Brazil said on Wednesday it received approval this week from Pakistan to export live cattle to the South Asian country, as well as the embryos and semen of cows.

Brazil’s Agriculture Ministry said in a statement that it also received the green light to export young tilapia fish to the Philippines.

Brazil exported a total of nearly $489 million in live cattle last year, 154% more than in 2022.

Pakistan’s imports from Brazil last year amounted to $298 million, largely from products such as fibers and textiles, the ministry said, while Philippines imported $918 million worth, with meat proteins representing more than three-quarters.

Overall, the South America nation exported almost $340 billion of products in 2023, mainly to China, which bought nearly $106 billion worth, according to government data earlier this month.

In April last year, the Economic Coordination Committee (ECC) on Wednesday approved the proposed amendments in the relevant clauses of IPO-2022.

Ministry of Commerce submitted a summary on amendments in the Import Policy Order-2022 with regards to the import of live animals and animal products in line with the revised conditions/guidelines by the World Organization of Animal Health (WOAH) on animal (Cattle) trade.

In September 2023, the United Arab Emirates (UAE) tightened its rules on the import of meat from Pakistan after receiving complaints of substandard shipments from the country.

The UAE Ministry of Climate Change and Environment said in a notification dated September 19, 2023, that it will only allow fresh or chilled meat from Pakistan that is vacuum-packed or modified-atmosphere packed and has a shelf life of 60 to 120 days from the date of slaughtering.

The new restrictions apply to all other types of packaged fresh or chilled meat that are not allowed to be imported from Pakistan by sea, the notification had said.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

18 hours ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.