MFN sta­tus for In­dia to be an­nounced in De­cem­ber 2012: NA told

The Pak Banker - - Front Page -

IS­LAM­ABAD

Min­is­ter of state for com­merce se­na­tor Ab­bas Afridi has told Na­tional Assem­bly that the de­ci­sion to ac­cord Most Fa­vor­able Na­tion (MFN) sta­tus to In­dia has been taken which will be an­nounced in De­cem­ber 2012.

He told the NA dur­ing ques­tion hour Fri­day that Pak­istan would be able to re­al­ize enor­mous div­i­dends through trade with neigh­bor­ing coun­try In­dia. A larger trade mar­ket will be­come avail­able for Pak­istan food items in the form of In­dia, he hoped. Lo­cal in­dus­try in the coun­try will ac­quire cheap raw ma­te­rial from In­dia, he added.

He went on to say that China was the big­gest trade part­ner of Pak­istan at present as vol­ume of bi­lat­eral trade be­tween Pak­istan and China stood at over 7.42 bil­lion dol­lars in the fi­nan- cial year of 2011-12.

Pak­istani ex­ports to US re­mained max­i­mum as our ex­ports touched the mark of 4 bil­lion dol­lars, he pointed out. US im­ports to Pak­istan rose to the vol­ume of 1.81 bil­lion dol­lars, he added.

Re­ply­ing to a ques­tion Ab­bas Afridi told Pak­istan im­ported sur­gi­cal in­stru­ments amount­ing to Rs 158 mil­lion dur­ing the fis­cal year 2011-12 and ex­ports of sur­gi­cal in­stru­ments from Pak­istan grew by 17 per­cent as com­pared to pre­vi­ous year.

Im­port of sur­gi­cal in­stru­ments is be­ing banned in the light of fed­eral cab­i­net de­ci­sion, he stated. Na­tional ex­ports have surged by 33 per­cent in­creas­ing from 17 bil­lion dol­lars to 24 bil­lion dol­lars dur­ing the ten­ure of in­cum­bent gov­ern­ment, he said.

To a ques­tion‚ Par­lia­men­tary Sec­re­tary for Rail­ways Shaikh Nau­man Is­lam told the House that the year wise deficit of Pak­istan Rail­ways in­creased dur­ing the last four years and a num­ber of steps have been taken to con­trol the deficit. He said the pay­ment of four Chi­nese loans and in­ter­est from 2011-12 on­wards have been trans­ferred to Eco­nomic Af­fairs Division that will de­crease the debt to rev­enue ac­count and de­crease the loss of Pak­istan Rail­ways.

Shaikh Nau­man Is­lam said work on a project “Spe­cial Re­pair of 150 run­ning lo­co­mo­tives” and a sep­a­rate pro­gramme of re­pair of 96 lo­co­mo­tives are also un­der­way that will de­crease the loss of Pak­istan Rail­ways. Re­ply­ing to a ques­tion‚ Min­is­ter of State for For­eign Af­fairs Nawabzada Ma­lik Am­mad Khan said that Pak­istan and United States are work­ing for greater en­gage­ments at po­lit­i­cal‚ eco­nomic and mil­i­tary plans that will help to re­view our mu­tual con­fi­dence to move for­ward.

He said Pak­istan is tak­ing all pos­si­ble steps to have re­la­tion­ship with the US based on mu­tual re­spect and un­der­stand­ing in pur­suit of our na­tional goals and ob­jec­tives. Law Min­is­ter Fa­rooq H. Naek in­tro­duced “The Eq­uity Par­tic­i­pa­tion Fund (Re­peal) Bill‚ 2012” in the House. The bill re­peals the Eq­uity Par­tic­i­pa­tion Fund Or­di­nance‚ 1970. Two re­ports were laid be­fore the House on Fri­day.

Law Min­is­ter Fa­rooq H. Naek laid be­fore the House the An­nual Re­port of the Com­pe­ti­tion Com­mis­sion of Pak­istan cer­ti­fied by the au­di­tors by for the fi­nan­cial year ended on the 30th June‚ 2011 to­gether with the state­ment of ac­counts cer­ti­fied by the au­di­tors and the au­di­tors’ re­port.

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