logo
4th ECO TPO forum meeting held

4th ECO TPO forum meeting held

KARACHI: The 4th Economic Cooperation Organization, Trade Promotion Organization's forum was held at Trade Development Authority of Pakistan Head Office, Karachi, today 6th of May,2025. Iran, Azerbaijan, Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan & Türkiye heads of the of trade promotion organizations / nominees participated.
The meeting was chaired by Faiz Ahmad Chadhar, Chief Executive, Trade Development Authority of Pakistan. The meeting started with welcome note by Zahid Abbasi from Economic Cooperation Organization Secretariat. Zahid Abbasi welcomed all the delegates and highlighted the business opportunities that exist in the countries.
Faiz Ahmad highlighted the role of ECO. He highlighted that Trade and Commerce is one of the potent instruments for economic development and poverty alleviation. He highlighted the role of the bloc and felt happy that ECO is working on the formulation of ECO Vision 2026-2035.
The ECO Member presented their country statement on the role and the future road map on the importance of TPO in promotion of trade of the region.
ECO Trade and Development Bank role was also discussed and the need for stronger regional integration through ECO-TDB was emphasized.
The ECO Trade Agreement was discussed it was decided the Trade Development Authority of Pakistan will make ECO Pavilion in its flagship event i.e. Food-AG which is scheduled to be held in October 2025.
Copyright Business Recorder, 2025

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Chemical-makers for structural reforms, forward-looking policy framework
Chemical-makers for structural reforms, forward-looking policy framework

Business Recorder

time2 hours ago

  • Business Recorder

Chemical-makers for structural reforms, forward-looking policy framework

LAHORE: The Pakistan Chemical Manufacturers Association (PCMA) has formally expressed its observations regarding the Federal Budget 2025–26, calling for comprehensive structural reforms and a forward-looking policy framework to strengthen Pakistan's $16 billion chemical sector — a critical enabler of all manufacturing sectors including textiles, leather, Plastics, pharmaceuticals, agriculture, and packaging. PCMA Chairman Haroon Ali Khan, in his official statement, acknowledged positive budgetary like intent to revive Large Scale Manufacturing, taking notice of misuse of tax incentives for FATA/PATA which is adversely hurting the legitimate manufacturing business and elimination of ACDs. However, he expressed deep concern over the lack of a coherent policy framework for the chemical industry, noting that high energy costs, prolonged GST refund delays, excessive tax burden on legitimate businesses, frequent changes in Policy and misuse of Export Facilitating Scheme are deeply hurting the domestic industries providing raw materials to export oriented sectors such as textile chemicals, leather chemicals & resins etc. These impediments continue to hinder growth. He further added that elimination of 5th Schedule by 2030 will have devastating effects on local industry, especially Chemicals. The Association also expressed alarm over the expanded discretionary powers granted to the Federal Board of Revenue (FBR). Haroon Ali Khan emphasized the need for digital reforms and taxpayer facilitation before enforcing coercive measures that could harm business confidence. PCMA also urges the government to officially designate the chemical industry as a 'strategic sector', ensuring preferential land and utility access, and to establish a one-window platform for environmental and licensing approvals, along with national R&D support programmes. Copyright Business Recorder, 2025

KICT fails to act against theft, cargo mishandling: KCAA
KICT fails to act against theft, cargo mishandling: KCAA

Business Recorder

time2 hours ago

  • Business Recorder

KICT fails to act against theft, cargo mishandling: KCAA

KARACHI: Karachi International Container Terminal Limited (KICT) has reportedly failed to implement effective measures against escalating incidents of theft, pilferage, cargo mishandling and persistent operational delays, which are inflicting severe financial shocks to the trade. The issues were highlighted by the Karachi Customs Agents Association (KCAA) in a letter sent to the management of KICT, expressing grave concerns over persistent operational delays, recurring incidents of theft, pilferage, and mishandling of cargoes that are causing serious financial losses to the trade. In its letter, the KCAA highlighted multiple operational challenges that have been severely impacting import clearance processes at the KICT. The KCAA expressed disenchantment over recurring incidents of theft, pilferage, and mishandling of cargo at the terminal, saying that several incidents of security breach have been reported that compromised cargo safety, resulting in severe financial shocks to the trade. The KCAA, in its letter, reported that the backlog of containers is increasing daily, despite repeated requests from members for improved operational performance. The association said that even container numbers communicated by KCAA for prioritized grounding were not being processed promptly. 'Containers are not being arranged for examination at KICT,' the letter said, adding that this has resulted in severe delays in clearance of import consignments and escalating port demurrage and container detention charges for importers. The KCAA highlighted several operational issues requiring immediate attention, including persistent delays in the closure and relocation of containers from examination areas, with containers not being sealed and transferred promptly following examination, adding that this disruption to the workflow has adversely affected the overall efficiency of the clearance process. The KCAA also highlighted that the designated space allocated for the examination of A-class cargo was currently inadequate at KICT, which required immediate expansion to accommodate the increasing volume of cargo under inspection. Additionally, there is an ongoing shortage of essential handling equipment and labor, particularly for cargo operations such as de-stuffing and re-stuffing, the letter said. The KCAA warned that if the current operational situation remained unchanged, the association would have no option but to reconsider its cooperation and support with the KICT Terminal. The association urged the KICT to issue immediate instructions to the concerned staff to expedite the grounding process and ensure containers were made available for clearance without further delay. The KCAA also requested to allow a waiver in the port demurrage charges for the affected period, if the delays were directly attributed to the late grounding by the KICT. Copyright Business Recorder, 2025

Gold prices grow
Gold prices grow

Business Recorder

time3 hours ago

  • Business Recorder

Gold prices grow

KARACHI: Gold prices significantly grew on Thursday, mirroring the global market uptrend, surpassing $3,350 per ounce, traders. International market gained $30, trading bullion at $3,375 per ounce that pushed up local gold prices by Rs4,000 per tola and Rs3,430 per 10 grams. As a result, gold prices scaled up significantly to Rs356,900 per tola and Rs305,984 per 10 grams, according to the All Pakistan Sarafa Gems and Jewelers Association. Copyright Business Recorder, 2025

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store