Tuesday, June 2, 2009

KCCI urges registration to safeguard exports

KARACHI: Anjum Nisar, President, Karachi Chamber of Commerce & Industry, in a letter to Suleman Ghani, Federal Secretary, Ministry of Commerce urged for registration of geographical indications (GIs) as Certification Marks by the competent authority.
He drew the Ministry’s attention towards the promulgation of Geographical Indications (GIs) Law, and establishment of GI registry in Pakistan.
In the relevant context, while highlighting that India had previously promulgated GI Law & has established GI registry, he lamented that India had already registered and notified Pakistani well known variety of “Super Basmati” as their own variety of rice.
Besides, many other products / produces were under registration process and may claim internationally these as their own products.
He focused that in Pakistan draft Bill on GIs was still awaited to be promulgated and implemented though it was already approved by the stakeholders, meetings called by the Intellectual Property Organization (IPO).

Monday, June 1, 2009

Petrol, gas and electricity subsidy to end: Shaukat Tarin

KARACHI: Finance Advisor, Shaukat Tarin has said that a decision for putting an end to the subsidy on petrol, gas and electricity has been taken.
Addressing a seminar on ‘IMF role in Pakistan economy’ under the aegis of Institute of Business Administration (IBA), the finance advisor said that the government was facing economic challenges.
He said that the current fiscal year revenue recoveries would amount to Rs1180bn, but yet the recoveries have been crucial problem for the govt and this was the reason that the prices of petroleum products were not reduced.
Shaukat Tarin said that serious notice has been taken of the FBR harassing consumers. He said that the focus for the next year would be to revive the economy after stabilization. He pointed out that attention would also be paid towards the revenue generation. He explained that the tax would not be increased and instead efforts would be made to expand the tax net. This would be carried out administratively and also on the policy basis.
He said that Pakistan’s three national enterprise—Pakistan Steel, Railway and PIA were cumulatively incurring losses of over Rs200 billion annually.
He said that relief would be given to the middle class in the upcoming budget, while the new National Financial Award (NFC) would be presented with the consensus of the four provinces.