Eying a new chapter in Pak-Afghan trade

Pak-Afghan Joint Chamber of Commerce and Industry (PAJCCI) has demanded removal of concerns of business community on new Afghanistan Pakistan Transit Trade Agreement (APTTA) and effective measures for eradicating trade barriers so that trade between Pakistan-Afghanistan and Central Asian Countries (CARs) could be enhanced to a satisfactory level.
This demand was made by PAJCCI, Vice President, Usman Bilour while addressing a press conference after chairing a review meeting of stakeholders on APTTA here on Thursday.
Honorary Council General of Tajikistan in KP, Said Mahmood, KPCCI President, Afan Aziz, PAJCCI, Director, A Q Khalil PAJCCI Executive Member, Zia-ul-Haq Sarhadi, leading businessmen including Sunlight Wood Product, MD, Rafiq Jaffani, Osaka Automobile Industries Director Raza Aziz, and officials of concerned departments were present on the occasion.
Briefing newsmen, Usman Bilour said PAJCCI has demanded issuance of one year multiple visas to businessmen of Pakistan and Afghanistan so that their movement could be made easy between both the countries.
Similarly, he stressed on improving banking system in Afghanistan or for making easy way for money transfer for avoiding illegal ways like Hundi. He said the review meeting is aimed at obtaining feedback of all the stake holders in Pakistan-Afghanistan business on new Transit Trade Agreement. The feedback would be later submitted with the quarters concerned for proper action.
He said such a meeting would now be held in Chaman (Baluchistan) and Karachi as passage of transit trade is from these three cities.
During the meeting, Usman said the businessmen expressed much concern over demand of original documents by Custom officials from businessmen over payment of rebate. He said a number of rebate cases are rejected and pending on the ground that custom officials demand original documents which are usually kept by Afghan authorities for their record.
They demanded facility of computerized GD (Goods Detail) system at Torkhem and Chaman border posts as the facility is provided only in Karachi creating problems in custom clearance of goods. The security of transit goods was also discussed in detail and businessmen expressed concern over security of their goods both in Pakistan and Afghanistan.
Giving a brief of PAJCCI, Usman Bilour said the chamber has been formed with the objective of reviving historic economic ties between Pakistan and Afghanistan, curtail smuggling and prevent flow of prohibited goods. The core objective of this trans-border arrangement was not only to transform the economic landscape of the South and Central Asian region but also to facilitate peace prospects and to curb extremism and terrorism.
The chamber will facilitate Pakistan to gain access to the Central Asian States via Afghanistan and would further enhance the trade opportunities. PAJCCI, he continued, is easing its membership process and asked businessmen to register themselves with the chamber for early redressal of their problems.

Hoping for the best

Asian markets, euro gain on hopes for ECB action

Asian markets and the euro rose on Thursday ahead of a European Central Bank meeting that many expect will see the restart of a sovereign bond-buying programme aimed at easing the eurozone debt crisis. Tokyo edged up 0.06 percent, Hong Kong added 0.16 percent, Shanghai was 0.51 percent higher, Sydney gained 1.09 percent and Seoul advanced 0.50 percent. The gains were also helped by bargain-hunting after two days of losses caused by another batch of weak manufacturing data that fuelled concerns over the global economy. Investors have become increasingly confident that the ECB will announce plans to buy up the debt of under-pressure countries that have seen their borrowing costs soar to dangerous levels. Bank chief Mario Draghi raised hopes in July by saying it would do whatever was needed to save the euro, and expectations were raised further this week when European lawmakers said he had hinted at buying short-term debt on the secondary market. Such a move in the past was justified to help stabilise and protect the 17-nation eurozone, he said, according to the politicians. And on Wednesday media reports said the ECB planned to re-enter sovereign debt markets with unlimited bond purchases. The expectations sent the euro higher in New York late Wednesday after easing slightly earlier in the day in Asia. And on Thursday in Tokyo the single currency rose further, fetching $1.2617 and 98.90 yen against $1.2600 and 98.78 yen in New York. The dollar was at 78.43 yen, compared with 78.38 yen. However, Hiroichi Nishi, general manager of equities at SMBC Nikko Securities, told Dow Jones Newswires that traders would remain edgy until after the ECB meeting later Thursday.