Latest news with #FPCCI
Business Recorder
4 hours ago
- Business
- Business Recorder
‘Need for implementing key developments to strength Pak-UK trade ties'
KARACHI: The Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Muhammad Aman Pracha has emphasized the need for implementing key developments aimed at strengthening bilateral trade relations between Pakistan and the United Kingdom. He stated that a trade agreement has been reached between Pakistan and the UK, which seeks to enhance economic cooperation and reduce trade barriers. Under this agreement, there is a need to establish joint working groups and conduct regular review meetings, focusing on cooperation in areas such as digital trade, renewable energy, agriculture, and pharmaceuticals. However, in order to truly boost bilateral trade, a formal Free Trade Agreement (FTA) is essential, Pracha stressed. He further noted that a 'Trade Dialogue Mechanism Agreement' has also been signed between the two countries, aimed at reinforcing bilateral economic cooperation, exploring trade opportunities, removing barriers, and promoting mutual investment. Pakistan can also benefit from the UK's Developing Countries Trading Scheme (DCTS), which will help boost exports in sectors like IT, agricultural technology, and pharmaceuticals. Pracha highlighted the need to engage the Pakistani diaspora in the UK to promote trade between the two countries. He pointed out that the current trade volume between Pakistan and the UK stands at around £4.7 billion, and that non-tariff barriers affecting this trade must be addressed. He acknowledged that while negotiating an FTA requires significant resources and time, such an agreement would align with the economic priorities of both nations. At present, no bilateral FTA exists between Pakistan and the UK, but authorities on both sides are working realistically towards laying the groundwork for a possible future agreement. Pracha also emphasized that Pakistan's technology and digital services sector is the most dynamic segment of its economy, and the UK is interested in having more Pakistani tech companies use the UK as a platform to access European and global markets. British development finance institutions are playing a key role in this effort, helping promote digital infrastructure and financial inclusion in Pakistan. Meanwhile, UK Export Finance is supporting Pakistani companies looking to expand exports or partner with British firms. He urged the Pakistani government to pay special attention to this opportunity. Copyright Business Recorder, 2025
Business Recorder
4 hours ago
- Business
- Business Recorder
Discos' June FCA: FPCCI flags objections and regulatory queries
ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has raised formal objections and regulatory queries on FCA of Discos for June 2025. In a letter to Registrar, Nepra, FPPCI said that while the proposed negative adjustment of Rs. 0.6541/kWh may appear consumer-friendly but it grossly under-represents the hidden inefficiencies, persistent opacity, and regulatory shortcomings plaguing the power sector. According to the FPCCI, the actual negative FCA, if inefficiencies were removed, would justifiably fall between Rs2.50/kWh to Rs3.00/kWh. Nepra's own Member (Technical) has consistently flagged major concerns across multiple FCA hearings. Drawing from these issues and recent disclosures-including the Rs. 244 billion overbilling scandal, system losses exceeding Rs. 267 billion, and long-standing unresolved outages- FPCCI has requested that NEPRA, while rejecting the current FCA proposal, seek direct and time-bound explanations from CPPA-G and the Power Division on the following points: (i) when will CPPA-G, ISMO, and NTDC be mandated to submit detailed, verifiable deviation and constraint logs before each FCA hearing, as required under principles of transparency? (ii) Why are completion timelines for key infrastructure-such as the Lahore North Grid, SCADAIII, and restoration of HVDC transmission-still unpublished despite repeated cost impacts due to underutilization and system constraints? (iii) What efforts have been made to resolve the Guddu ST-16 (747 MW) outage persisting since July 2022, and the Neelum-Jhelum Hydropower Plant (969 MW) shutdown since May 2024? What is the current status and who is accountable for the resulting losses exceeding Rs 150 billion? (iv) Why generic ISMO certificates are still being accepted as evidence during FCA hearings, especially when ISMO is not fully operational? Will Nepra now require these to be supported by publicly auditable dispatch data? (v) How does Nepra reconcile system losses at 17.55%-far above the allowed 11.43%-with recovery claims of 96.6%, especially when SEPCO and QESCO report recovery levels of only 25.8% and 38.7% respectively? Has Nepra verified the raw meter data? (vi) What enforcement action has Nepra taken against DISCOs involved in the 2024 and 2025 overbilling scandals? Why is there no public disclosure of disciplinary outcomes? (vii) Why were costly fuels like RLNG (Rs. 21.87/kWh) dispatched in June 2025 despite zero dispatch from HSD and large availability of hydel? Has Nepra reviewed the validity of PLAC claims made under such suboptimal dispatch? Why are Nepra's statutory obligations under Article 19A of the Constitution and Section 7(2)(f) of the NEPRA Act—to ensure public access to data-not being enforced rigorously? (ix) Why have the Service Level Agreements (SLAs) of K-Electric's plants been made publicly available for comments, while the Power Purchase Agreements (PPAs) signed by CPPA-G which underpin uniform national tariffs-have never been published for public scrutiny. The FPCCI also asked why the Service Level Agreements (SLAs) of K-Electric's plants are made publicly available for comments, while the actual Power Purchase Agreements (PPAs) signed by CPPA on which the entire nation's consumers are charged under the uniform tariff-are never subjected to public scrutiny? 'Is transparency only reserved for Karachi, or do the rest of the country's power contracts not deserve the same accountability?' FPCCI questioned. The association argues that power sector cannot be allowed to continue this selective opacity, systemic overbilling, and absence of accountability while the public pays for inefficiencies it did not cause. 'We urge Nepra to use this FCA proceeding to assert its independence, enforce disclosure, and direct corrective action through binding regulatory orders,' said the FPCCI. The Nepra will hold a public hearing on July 30, 2025 to be attended by the public and private sector. Copyright Business Recorder, 2025
Business Recorder
a day ago
- Business
- Business Recorder
Strong start at PSX amid COAS assurance, KSE-100 up nearly 700 points
Positive sentiments prevailed at the Pakistan Stock Exchange (PSX) on Wednesday, as assurance from Field Marshal Asim Munir to the business community boosted investor confidence, with the benchmark KSE-100 Index gaining nearly 700 points during the opening minutes of trading. At 9:35am, the benchmark index was hovering at 140,082.55 level, an increase of 662.94 points or 0.48%. Buying was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including HUBCO, NRL, MARI, OGDC, PPL, POL, SNGPL and SSGC traded in the green. On Tuesday, PSX surged as investor sentiment strengthened. Confidence rose after a meeting between business leaders and Field Marshal Asim Munir coupled with the government's Senate majority win further eased political uncertainty. The benchmark KSE-100 Index surged by 1,202 points or 0.87% to close at 139,419.62 points. In a key development, Field Marshal Syed Asim Munir on Tuesday assured the country's business community of his full support for the economic growth of the country, according to a FPCCI statement on Tuesday. During the meeting, COAS Munir instructed the Federal Board of Revenue (FBR) to have dialogue with businessmen over arrest powers, penalties. 'The business community is immensely thankful to Field Marshal Asim Munir for immediately directing that the new provisions; particularly those added under Sections 37A and 37B of the Sales Tax Act 1990, of arrest and detention; be held in abeyance; and, for instructing the FBR to enter meaningful and solution-oriented dialogue with stakeholders and address their concerns,' the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) statement read. Internationally, a rally in Japanese shares led Asian markets on Wednesday after President Donald Trump announced a trade deal with Japan and fuelled hopes of more to come, tempering the disappointment from US earnings that highlighted the drag from higher tariffs. Trump late on Tuesday said a trade deal with Tokyo will include Japan paying a lower 15% tariff on shipments to the US. It followed an agreement with the Philippines that will see the US collect a 19% tariff rate on imports from there. Japan's Nikkei jumped 2.6% on Wednesday as shares of automakers surged on news that the deal lowers the auto tariff to 15%, from a proposed 25%. Mazda Motor rallied 17% while Toyota Motor jumped 11%. EUROSTOXX 50 futures rose 0.8%, while Wall Street futures were up about 0.1%. In another positive development, US and Chinese officials will meet in Stockholm next week to discuss an extension to the August 12 deadline for negotiating a trade deal, Treasury Secretary Scott Bessent said. Chinese blue-chips edged up 0.3% and Hong Kong's Hang Seng index gained 0.5%. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.6% This is an intra-day update
Business Recorder
a day ago
- Business
- Business Recorder
FPCCI extends gratitude to COAS for meeting with Ejaz-led team
LAHORE: Atif Ikram Sheikh, President FPCCI; President ECO-CCI and VP CACCI, has said that FPCCI extends its deepest and most heartfelt gratitude to Field Marshal Syed Asim Munir, NI (M), for graciously meeting with the trade and industry delegation led by Dr. Gohar Ejaz, HI, SI (Civ). We salute the Field Marshal's exemplary commitment to engagement with the business community – demonstrating both patience and concern for economic issues faced by the businesses and the people of Pakistan, he added. During the highly-productive meeting, the delegation commended the government and SIFC's monumental efforts that have brought much-needed economic stability to the country and thanked the Field Marshal for his unwavering support and resolve. The delegation presented a comprehensive overview of the challenges faced by the industrial sector – with particular emphasis on the recently enacted expansions of the Federal Board of Revenue's (FBR) powers. Atif Ikram Sheikh maintained that the business community is immensely thankful to Field Marshal Asim Munir for immediately directing that the new provisions; particularly those added under Sections 37A and 37B of the Sales Tax Act 1990, pertaining to arrest and detention; be held in abeyance; and, for instructing the FBR to enter meaningful and solution-oriented dialogue with stakeholders and address their concerns. Additionally, the GHQ will support economic activities in the country through the platform of Special Investment Facilitation Council (SIFC); fostering an environment of collaboration and trust. Atif Ikram Sheikh informed that the business community's delegation called for interest rates to be brought down in line with inflation to stimulate businesses and economic activities. It also highlighted the significant delay in notification of the Export Facilitation Scheme (EFS) amendments relating to exclusion of cotton, cotton yarn and greige fabric from the scheme; and, imposition of an 18% sales tax on their imports. During the meeting, Field Marshal Asim Munir assured the delegation of his full support for the economic growth of the motherland. FPCCI is grateful for the Field Marshal's attention to high electricity prices that are burdening manufacturers and businesses across the country. FPCCI appreciates his ongoing commitment to securing more competitive electricity rates for consumers nationwide; with special emphasis on revitalizing the industrial and export sectors. His unwavering support is a testament to his overarching vision to propel Pakistan's economic landscape to new heights. Copyright Business Recorder, 2025
Business Recorder
2 days ago
- Business
- Business Recorder
COAS Munir instructs FBR to have dialogue with businessmen over arrest powers, penalties: FPCCI
While focusing on the recently enacted expansions of the Federal Board of Revenue's (FBR) powers, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh with the trade and industry's delegation met Chief of Army Staff (COAS) Field Marshal Syed Asim Munir, NI (M). who assured them of his full support for the economic growth of the country, according to a FPCCI statement on Tuesday. The development comes days after Pakistan's two largest cities - Karachi and Lahore - faced partial and complete market closures over a strike call by traders against what they called 'anti-business' tax measures introduced in the Finance Act 2025. Karachi, Lahore hit by strike against 'anti-business' tax measures In the Finance Act, the government expanded the FBR powers with Sections 37A and 37B, which empower the tax authority officials with arbitrary arrests; Section 21(S), which imposes harsh penalties on cash transactions of Rs200,000 or more; mandatory digital invoicing under SRO 709; and the imposition of e-Bilty under Section 40(C). 'Mr Atif Ikram Sheikh maintained that the business community is immensely thankful to Field Marshal Asim Munir for immediately directing that the new provisions; particularly those added under Sections 37A and 37B of the Sales Tax Act 1990, pertaining to arrest and detention; be held in abeyance; and, for instructing the FBR to enter meaningful and solution-oriented dialogue with stakeholders and address their concerns,' the FPCCI statement read. The statement further said the delegation had presented a comprehensive overview of the challenges faced by the industrial sector – with particular emphasis on the recently enacted expansions of the FBR's powers. 'Additionally, the GHQ will support economic activities in the country through the platform of Special Investment Facilitation Council (SIFC); fostering an environment of collaboration and trust.' The business community's delegation also called for interest rates to be brought down in line with inflation to stimulate businesses and economic activities. It also highlighted the delay in notification of the Export Facilitation Scheme (EFS) amendments relating to exclusion of cotton and cotton yarn from the scheme; and, imposition of an 18% sales tax on their imports, according to FPCCI statement.
