logo
Minister seeks details of proposed energy policies

Minister seeks details of proposed energy policies

ISLAMABAD: Minister for Commerce Jam Kamal Khan has sought details of energy policies currently under consideration that may impact Pakistan's trade and commerce landscape.
In a letter addressed to the Minister for Power, Sardar Awais Ahmad Khan Leghari, the Commerce minister stated that Pakistan's export performance saw a significant increase during the first nine months of the financial year 2024-25 compared to the same period in FY 2023-24.
The MoC remains committed to enhancing exports and boosting the country's global trade competitiveness. Key areas of focus include improving the ease of doing business, attracting foreign direct investment (FDI), and integrating Pakistan into Global Value Chains (GVCs).
Steps afoot to provide cheap energy to industry, says Jam Kamal
The minister noted that the ministry is actively tracking global trade trends and nurturing strong trade relations with regional and international partners. A range of initiatives — including regulatory reforms, stakeholder engagement, and the expansion of existing Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) — are underway with the aim of doubling Pakistan's exports over the next five years.
'Despite ongoing initiatives and emerging opportunities, a collaborative approach is essential to overcome challenges and leverage potential synergies among federal ministries and relevant departments,' the letter stated.
The Commerce minister urged the Power Division to share updates on any proposed energy policies that could influence trade and commerce dynamics.
He further stressed that by aligning strategic goals and fostering inter- ministerial collaboration, the government can convert challenges into opportunities and work towards a more prosperous future for the nation.
The Commerce ministry is currently in the process of consulting stakeholders for the formulation of new Trade and Tariff Policies.
Sources within the ministry revealed persistent concerns that decisions taken at collective forums — particularly the Tariff Policy Board (TPB) — are often not upheld during the budget-making process. Finance and the Federal Board of Revenue (FBR) have reportedly failed to honor commitments made to the business community, undermining policy coherence and trust.
Copyright Business Recorder, 2025

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

US-China trade talks to resume for a second day
US-China trade talks to resume for a second day

Business Recorder

time2 hours ago

  • Business Recorder

US-China trade talks to resume for a second day

LONDON: Top US and Chinese officials will resume trade talks for a second day in London on Tuesday, hoping to secure a breakthrough over export controls for goods such as rare earths that have threatened a global supply chain shock and slower economic growth. Investors are hoping that the two superpowers can improve ties after the relief sparked by a preliminary trade deal agreed in Geneva last month gave way to fresh doubts after Washington accused Beijing of blocking exports that are critical to sectors including autos, aerospace, semiconductors and defence. The talks come at a crucial time for both economies, with customs data showing that China's exports to the US plunged 34.5% in May, the sharpest drop since February 2020, when the outbreak of the COVID-19 pandemic upended global trade. While the impact on US inflation and the jobs market has so far been muted, the dollar remains under pressure from US policymaking. The two sides met at the ornate Lancaster House in the British capital on Monday to discuss disagreements around the Geneva deal, and are due to resume talks early on Tuesday before both sides are expected to issue updates. The US side is led by US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, while the Chinese contingent is helmed by Vice Premier He Lifeng. The inclusion of Lutnick, whose agency oversees export controls for the US, is one indication of how central rare earths have become. China holds a near-monopoly on rare earth magnets, a crucial component in electric vehicle motors. Lutnick did not attend the Geneva talks at which the countries struck a 90-day deal to roll back some of the triple-digit tariffs they had placed on each other. Trump's often erratic policymaking on tariffs has roiled global markets, sparked congestion and confusion in major ports, and cost companies tens of billions of dollars in lost sales and higher costs. US, China set for trade talks in London on Monday The second round of meetings between the two sides comes four days after Trump and Xi spoke by phone, their first direct interaction since Trump's January 20 inauguration. Following the call Trump said Xi had agreed to resume shipments to the US of rare earths minerals and magnets, and Reuters reported that China has granted temporary export licenses to rare-earth suppliers of the top three US automakers. But tensions remain high over the export controls, after factories around the world started to fret that they would not have enough of the materials they need to keep operating.

Chinese and Hong Kong stocks gain ahead of Sino-US trade talks
Chinese and Hong Kong stocks gain ahead of Sino-US trade talks

Business Recorder

time19 hours ago

  • Business Recorder

Chinese and Hong Kong stocks gain ahead of Sino-US trade talks

Hong Kong: Chinese and Hong Kong stocks edged higher on Monday, led by the rare earth and technology sectors, as investors awaited high-level U.S.-China trade negotiations in London. Investors were cautiously positive as the world's two largest economies seek to defuse their trade dispute, with China grappling with slow exports and deflation while the U.S. faces eroding confidence in its assets and economy. U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will meet China's Vice Premier He Lifeng in the first meeting under the two countries' economic and trade consultation mechanism. China's blue-chip CSI300 Index closed up 0.3% and the Shanghai Composite Index ended 0.4% higher. Hong Kong's benchmark Hang Seng advanced 1.6% to the highest level since March 21. The offshore yuan struggled for direction and was last traded at 7.1852 per dollar. Monday's meeting follows a rare leader-to-leader call between Chinese leader Xi Jinping and U.S. President Donald Trump on Thursday after tensions flared up again, with both sides accusing the other of violating a deal agreed last month. China, HK stocks close down as US-China call offers no clear progress on trade The two sides agreed a 90-day pause and a sharp reduction in tariffs after talks in Geneva in early May, which left U.S. tariffs on Chinese goods at 30% from May 14 to August 12 and Chinese duties on U.S. imports at 10%. That brought temporary relief from a trade war that could bring $600 billion in two-way trade to a standstill, disrupting supply chains and impacting the global economy. 'We think there could be some favourable outcomes from the meeting as Trump has hinted some positive signs,' analysts at China Securities said in a note, adding that any progress would offer markets some relief. Leading onshore markets higher on Monday, the strategically-important rare earths sector - expected to be a key focus of the talks - advanced 2.4% onshore in its best single-day performance in over a month. Technology shares led Hong Kong markets higher, with the Hang Seng Tech Index rising 2.8% to a one-month high. The subindex has gained over 20% since its April low, entering a technical bull market. Chinese stocks have been struggling for direction since April 2, when Trump announced sweeping 'reciprocal' tariffs that threatened to upend the global trade order. The CSI300 Index onshore has barely budged from the April 2 level, and the Hang Seng has gained around 4% during the period, both lagging the recovery among major global markets.

Dollar steadies after rally, focus shifts to US-China trade talks
Dollar steadies after rally, focus shifts to US-China trade talks

Business Recorder

timea day ago

  • Business Recorder

Dollar steadies after rally, focus shifts to US-China trade talks

The dollar held steady against all major currencies on Monday, as exuberance over an upbeat US employment report gave way to caution ahead of pivotal US-China trade talks set to take place in London later in the day. The talks come at a crucial time for both economies, with China grappling with deflation and trade uncertainty dampening sentiment among US businesses and consumers, prompting investors to reassess the dollar's safe-haven status. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are expected to represent the US at the trade talks, while vice premier He Lifeng would likely be present with the Chinese delegation. 'A deal to keep talking might be better than nothing, but unless we see a concrete breakthrough, the impact on sentiment is likely to remain muted,' said Charu Chanana, chief investment strategist at Saxo Markets. Friday's upbeat US jobs report yielded some relief for investors following other bleak economic data last week. The dollar advanced against major peers after the employment report, which cut weekly declines in the dollar index by more than half. However, it is still down by more than 8.6% for the year. On Monday, the yen firmed 0.10% at 144.750 per dollar, as data showed Japan's economy contracted at a slower-than-expected pace in the January-March period. The Swiss franc was steady at 0.8221 per dollar by 0041 GMT. The euro was last flat at $1.1399, while the sterling fetched $1.3535. The dollar index, which measures the US currency against six others, was steady at 99.169. The yield on 10-year Treasury notes was flat in early Asia trading, after a more than 10 basis points jump on Friday. New Zealand's dollar last bought $0.6020, while the Australian dollar inched up 0.1% at $0.65 in light volumes as markets were closed for a public holiday. An inflation report out of the US for the month of May will be in the spotlight later in the week as investors and Federal Reserve policymakers look for evidence on the damage trade restrictive policies have had on the economy. Fed officials are in a blackout period ahead of their policy meeting next week, but they have signalled that they are in no rush to cut interest rates and signs of better-than-feared economic resilience are likely to further cement their stance. Dollar rises against major peers Interest rate futures indicate that investors are anticipating the central bank may cut borrowing costs by 25 basis points, with the earliest move expected in October this year, according to data compiled by LSEG. 'May is the first month where the impact of Trump's 10% universal tariff on imports ex-USMCA is expected to show. The Fed will want a few months of inflation data in order to judge the tariff impact and most importantly, its persistence,' analysts at ANZ Bank said. Elsewhere, China's offshore yuan was last at 7.187 per dollar ahead of inflation and trade data.

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