Pakistan exports to swell after exit from FATF grey list
The exports from the country would swell manifolds after exit from the FATF grey list and removal of Pakistan name from European Union list of weak anti money laundering and counter financing of terrorism regimes.
This was stated by Chairman UK-Pakistan Joint Business Council Mian Kashif Ashfaq while talking to President Pak-British Friendship Council North Muhammad Arbab Khan through zoom on Thursday, said a press release.
He said that the EU lauded Pakistan's progress in implementing the international conventions that are part of the GSP plus scheme. He said Pakistan's high ranking diplomat during his recent meeting with the EU High Representative also discussed at length the GSP plus,a scheme mutually beneficial both Pakistan and the European Union.
He said both sides agreed to further strengthen Pakistan-EU relations and to remain engaged inter alia,with established institutional mechanisms.
He said Pakistan also appreciated the humanitarian assistance of 133 million Euros by the EU and it's member states after the devastation caused by the recent climate induced flash floods.
Muhammad Abrab Khan said after extension in GSP plus status and delisting of name from EU, the exports from Pakistan will boost and urged the exporters to explore the hidden markets with the active participation of trade missions. He also urged the Trade Development Authority of Pakistan to hold one country expos for promotion of the best world class products to attract the global buyers and investors.
Short-term inflation measured by the Sensitive Price Index (SPI) eased slightly to 29.24 per cent year-on-year (YoY) for the week ending on Nov 10, data shared by the Pakistan Bureau of Statistics (PBS) showed on Friday.
The annual increase in SPI has been on the decline for some time, falling from a peak of 45.5pc in the week ending Sept 1. Last week, YoY inflation was measured at 30.6pc.
The latest PBS data showed inflation was recorded at 0.74pc week-on-week (WoW) compared to 0.53pc last week and a record 4.13pc in the week that ended on Oct 27.
The SPI monitors the prices of 51 essential items based on a survey of 50 markets in 17 cities across the country. During the week under review, the prices of 22 out of 51 items increased, 14 decreased, and 15 remained stable.
The annual CPI inflation surged to 26.6pc YoY in October after it slowed to 23.2pc in September from a 49-year high of 27.3pc in August as the country continued to be in the grip of high food and transport prices.
The central bank has tightened its monetary policy to contain surging inflation and the rupee's depreciation. Since September 2021, the central bank has increased the policy rate by a cumulative 800bps to 15pc, the highest rate since the 2008 global financial crisis.