Latest news with #ImportsandExports(Control)Act
Business Recorder
4 days ago
- Business
- Business Recorder
TCP invites bids for import of 0.3m tons of sugar
KARACHI: In line with federal government directives, the Trading Corporation of Pakistan (TCP) has issued an international tender for the import of 300,000 metric tons of white refined sugar. In order to stabilise the rising prices of the commodity and avoid shortage on the domestic market, the federal government has decided to import 0.5 million metric tons of sugar. The Federal Board of Revenue (FBR) has already exempted customs duty on the import of 0.5 million tons sugar and also reduced sales tax rate from 18 percent to 0.25 percent and withholding tax up to 0.25 percent on the import of commodity by the TCP or private sector. Following the export of sugar during the last fiscal year, domestic sugar prices have been on the rise, reaching up to Rs 180 per kilogram compared to less than Rs 140 per kilogram at the time of export. In response to this sharp increase and to stabilize the local market, the government has decided to import sugar. Accordingly, on the directives of the government, state run grain trader has issued an international tender and invited sealed bids from the international white refined sugar suppliers/manufacturers, directly or through their local offices or representatives having capacity to supply 'White Refined Sugar' through worldwide sources, for supply of 300,000 metric tons (+/-5% More Or Less Seller's Option) of white refined sugar (bagged cargo) on CFR Karachi and/or Gwadar basis (in break bulk) including 50,000 metric tons of white refined sugar (bagged cargo) on delivered at place unloaded (TCP Pipri Godown) basis in containers only. The bids, prepared in accordance with the instructions in the tender documents, must be dropped on or before July 18, 2025, latest by 1130 hours. Bids will be opened on the same day at 1200 hours in the TCP's Board Room, in presence of the bidders or their authorized representatives who may wish to be present. As per tender, bids must be made for minimum 25,000 metric tons (+/- 5 percent MOLSO) on CFR Karachi and less than 25,000 metric tons for CFR (Break Bulk) and/or DPU (Containerized) will not be accepted. The validity of bids must for Eighty (80) hours from submission of bids and total quantity of white refined sugar must reach the designated ports/destination in Pakistan in accordance with the shipment schedule given in the Tender Document. However, TCP has made it clear that the interested parties who have previously not fulfilled their contractual obligations with TCP shall not be eligible to participate in the bids, unless they clear their dues along with penalties or fulfil their contractual obligations in services and commodities with TCP, as the case may be, before tender opening date. Furthermore, those firms against which blacklisting procedures have been initiated by TCP shall not be eligible to participate in the tender. The supply/import of white refined sugar will be governed by the Imports and Exports (Control) Act, 1950, provisions of the Trade Policy in force, PPRA Rules 2004 and the orders/notifications issued there under; and shall be in accordance with the requirements/specifications laid down by Pakistan Standards Quality Control Authority (PSQCA), for imported white refined sugar. Successful bidder shall be required to furnish a Performance Guarantee, for due and satisfactory performance of the contract, equal to five percent (5%) of the value of the contracted goods (including +5% of MOLSO) within five (05) working days from award of contract, in the form of a Bank Guarantee in US Dollars from a minimum 'A' rated (PACRA/VIS) Bank in Pakistan or in the form of a Banker's Cheque in PKR (Equivalent to US dollars at the exchange rate on or a day preceding the date of opening of the tender. Copyright Business Recorder, 2025
Business Recorder
08-05-2025
- Business
- Business Recorder
Precious metals, jewellery: Import, export suspended for 2 months
ISLAMABAD: The Commerce Ministry has suspended import and export of precious metals, jewelry and gemstones for two months with immediate effect. However, no reason has been shared by the ministry. According to the Statutory Regulatory Order (SRO), 760(I)/2025 issued on Wednesday – Commerce Ministry stated that in exercise of the powers conferred under sub-section (1) of section 3 of the Imports and Exports (Control) Act, 1950 (XXXIX of 1950), the Federal Government has suspended the SRO 760 (I)/2013 - Import and Export of Precious Metals, Jewelry and Gemstones Order, 2013, for a period of 60 days, with immediate effect. It is also unclear if the decision has been taken after approval of Federal Cabinet which according to the Supreme Court judgment is federal government. Copyright Business Recorder, 2025
Business Recorder
25-04-2025
- Business
- Business Recorder
Gwadar Port: SRO issued to allow potassium sulphate export
ISLAMABAD: The Ministry of Commerce (MoC) has issued Statutory Regulatory Order (SRO) aimed at allowing export of potassium sulphate from Gwadar Port. The federal government has allowed two companies to export potassium sulphate from Gwadar Port along with strict monitoring of quantitative restrictions to be put in place in customs WeBOC system in order to check export data on real-time basis. According to the SRO 705(1) 2025, in exercise of the powers conferred by sub-section (I) of section 3 of the Imports and Exports (Control) Act, 1950 (XXXIX of 1950), the federal government has directed that further amendment be made in the Export Policy Order, 2022. In the SRO, in Schedule-I, in column (1), against Sr No 12, in column (4), after the word and full stop 'agencies' the following shall be inserted: 'export of potassium sulphate (K2SO4) (HS Code: 3104.3000) from Gwadar Port by companies manufacturing in Gwadar Free Zone.' Ahsan for development of Gwadar as mining port Sharing the details, sources said, two major industries namely Agven Private Limited (fertilizer) and Hangeng Trade Company Private Limited (meat and agriculture processing) are fully established and operational in the Gwadar North Free Zone. Agven is a fertilizer production company registered in North Free Zone. The company started production of potassium Sulphate from its plant with a capacity of producing 20,000 tons per annum. Potassium sulphate fertilizer overall consumption in Pakistan is 50,000 tons per annum (average as per National Fertilizer Development Center data), whereas the overall production installed capacity in Pakistan is 65,000 tons per annum, including the 20,000 tons per annum in Gwadar Free Zone. The company had shown an interest in exporting its production of potassium sulphate from Gwadar Port in its application of October 28, 2024. The company stated that it does not use any subsidized raw materials or resources from Pakistan including use of gas as raw material. The main raw material viz potassium chloride is directly imported from abroad. It is not sourced from the tariff area of Pakistan and does not impact the supply of fertilizer for domestic use. According to MoMA, export of urea/fertilizers is banned and subject to the provisions of serial No.11 and 12 of Schedule-I of Export Policy Order, 2022. Multiple meetings have been held with Ministry of Industries and Productions, Commerce, and FBR to resolve the issue but the only way forward is to relax the Export Policy Order, 2022 for the export of potassium sulphate (K2SO4) fertilizer from Gwadar Port. Gwadar Port Authority supported the request of the company for exemption of the Export Policy Order, 2022 to the extent of potassium sulphate (K2SO4) fertilizer by M/S AgvenPvt Ltd, as the export of the commodity would help in development and operationalisation of Gwadar Port. The export will also allow the expansion of capacity inside Gwadar Free Zone and generate export revenue. The sources said SRO has been amended on the basis of following stipulations: (i) a maximum of 10,000 tons per annum or 50% of the actual annual production of potassium sulphate, whichever is less; (ii) this permission will be for one year till December 31, 2025 and will be implemented in two parts by allowing a maximum 5,000 tons by June 30th 2025, and remaining 5,000 tons by December 31, 2025 (plus or minus any balance quantity to June 30th); (iii) Ministry of Industries and Production/Fertilizer Review Committee (FRC) will ensure to collect data input related to production and export abroad on monthly basis from the manufacturers inside the Gwadar Free zone and will review the export abroad on annual basis; (iv) Ministry of Industries & Production will notify the decision for export abroad of potassium sulphate fertilizer (HS Code 3104.3000) and convey the same to the FBR and the relevant ministries/divisions; and (v) the FBR will update its system with respect to export abroad of potassium sulphate (K2SO4) as per above detail from Gwadar Port. Copyright Business Recorder, 2025
