International Trade

OPEC+ Delays Planned Oil Output Increase Amid Falling Prices and Economic Concerns OPEC+, the alliance of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, has agreed to delay a planned oil output increase for October and November 2024. This decision comes after crude prices fell to their lowest in nine months, with further pauses …

Merchandise Exports Show Strong Growth in August Pakistan’s merchandise exports increased nearly 16% to $2.74 billion in August 2024, compared to $2.36 billion in the same month last year, according to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday. The growth momentum picked up in August due to improved international orders and exchange rate stability. On a …

Remittances sent through Roshan Digital Accounts (RDA) by overseas Pakistanis have reached a significant milestone, surpassing $8.416 billion, according to the latest data released by the State Bank of Pakistan (SBP). This achievement underscores the growing confidence of the Pakistani diaspora in the RDA platform. July 2024 Remittance Performance In July 2024 alone, overseas Pakistanis transferred $161 million through the …

Pakistan has relaxed its bidding rules to directly award a $2 billion contract to China for constructing a critical section of the Karakoram Highway, enhancing its strategic road connectivity with China. At the same time, the government approved a Rs78 billion incentive package for banks and exchange companies to boost foreign remittances. Direct Award of Road Contract to China The …

French authorities have formally placed Telegram CEO Pavel Durov under investigation, suspecting his involvement in criminal activities carried out on the messaging platform. The investigation, initiated by a French judge, includes allegations of complicity in facilitating illicit transactions, dissemination of child sexual abuse materials, drug trafficking, money laundering, and failure to cooperate with judicial authorities. The investigation has sparked widespread …

Introduction In a groundbreaking development for agricultural trade relations between China and Pakistan, the first-ever shipment of Chinese homegrown white broiler eggs has been successfully exported to Pakistan. This inaugural shipment, which included 172,800 “Guangming No 2” White Feathered Broiler eggs, marks a significant milestone in the collaboration between the two countries’ poultry industries. Significance of the Shipment This export …

Pakistan is set to offer five promising mineral projects to the United Arab Emirates (UAE) for investment and development, marking a significant step towards strengthening economic ties between the two nations. The collaboration will be formalized through an agreement aimed at tapping into Pakistan’s rich mineral resources. Key Projects Identified The five selected projects are located in mineral-rich regions of …

Overview Recent revelations indicate significant misuse of the Export Facilitation Scheme (EFS) and possible involvement in money laundering by scrap importers, particularly those dealing with compressor and motor scrap. The Brass Manufacturing Association (BMA) has raised concerns and proposed the cancellation of the scheme due to these abuses. Key Allegations Misuse of Scheme: Importers of compressor and motor scrap are …