Pakistan - Latest News/Current Events, Economic Overview & Trade Relations
Quick Facts about Pakistan
| Official Name | Islamic Republic of Pakistan |
| Capital | Islamabad |
| Location | Southern Asia, bordering the Arabian Sea, between India on the east and Iran and Afghanistan on the west and China in the north |
| Area | total: 803,940 sq km land: 778,720 sq km water: 25,220 sq km |
| Climate | mostly hot, dry desert; temperate in northwest; arctic in north |
| Terrain | flat Indus plain in east; mountains in north and northwest; Balochistan plateau in west |
Editor PicksBrowse Asia News Archive
Expiry of EU anti-dumping duty paves way for Pakistan's export
The European Union's anti-dumping duty on bedlinen import from Pakistan expired on Thursday
The European Union's anti-dumping duty on bedlinen import from Pakistan expired on Thursday. Without the duty, Pakistan will be able to enjoy normal duties on its exports. Pakistan's products were subject to a 5.8% anti-dumping duty, on top of the normal customs duty. This made Pakistan's exports more expansive than it's major competitors' like India and China. The anti-dumping duty has cost the country between $250 and $300 million a year in bedlinen export.read source article
Terrorist Attacks Hurt Pakistan Stock Market
The attacks on Sri Lanka's cricket team yesterday drove stocks to tumble for the first time in three days.
The attacks on Sri Lanka's cricket team yesterday drove stocks to tumble for the first time in three days. The Karachi Stock Exchange 100 index dropped to 5,596.49 after news of the attacks broke. The drop in the market represents receding confidence in the stability of Pakistan, although there was some recovery in the market after it was announced that all of the cricket players were in stable condition. Five police officers died in the attack.Pakistan Continues to Search for Help
A recent report that was issued earlier this week by an influential think-tank in Washington D.C., called for $4 billion to $5 billion in support for Islamabad's infrastructure.
A recent report that was issued earlier this week by an influential think tank in Washington D.C., called for $4 billion to $5 billion in support for Islamabad's infrastructure. Senator John Kerry, the Senate Foreign Relations Committee Chairman, used this report to push for legislation that would give $7.5 million in immediate aid to Islamabad, stating that "if we fail, we face a truly frightening prospect: terrorist sanctuary, economic meltdown, and spiraling radicalism, all in a nation with 170 million inhabitants and a full arsenal of nuclear weapons". Pakistan is the predominantly-Muslim nation with nuclear capability. Editor's note; Pakistani President Zardari recently returned from China, where he was seeking addition foreign aid from the Chinese government, but was only able to secure agreements for long-term projects between the two countries.read source article
Pakistan President Returns from China Empty Handed
Pakistani President Asif Ali Zardari returned from China empty handed as Pakistan continues to look for additional foreign aid from neighboring countries.
Pakistani President Asif Ali Zardari returned from China empty handed as Pakistan continues to look for additional foreign aid from neighboring countries. China has already granted $500 million in loans, but Zardari was looking to China to write off some of Islambad's bad debt. Instead, both leaders reached agreements on long-term projects that will help build economic ties between the two countries, including agricultural growth and the development of a Pakistan-China railroad connection. Although China sees promise in increasing relations between the two government, Shabbir Cheema, director of the Asia-Pacific Governance and Democracy Initiative, has evaluated the situation by saying "Pakistan today needs China more than China needs Pakistan - that is why there is more enthusiasm in Pakistan about its relations with China that vice-versa".Pakistani Capital to Receive 450 Megawatts
For the first time in a decade, Pakistan's largest electricity supplier plans to expand its network by 450 megawatts.
For the first time in a decade, Pakistan's largest electricity supplier plans to expand its network by 450 megawatts. Karachi Electric Supply Co. announced that within the next three to five years, it will increase daily output by 38 percent by utilizing more efficient sources of energy. The ultimate goal of the company is not only to become more profitable by reducing costs, but also to reduce the occurrence of blackouts, which affect two-thirds of Karachi's population.read source article
Pakistan Needs Modern Day Marshall Plan
President Asif Ali Zardari announced that Pakistan needs a modern day "Marshall Plan" to improve conditions within the country.
President Asif Ali Zardari announced that Pakistan needs a modern day "Marshall Plan" to improve conditions within the country. There are currently 170 million people, who are under the age of 25, that are trying to cope with the poor economic and social conditions. Zardari called for "massive programs" to help strengthen education and labor conditions and asked for a $4.5 billion loan from the International Monetary Fund to invest in Pakistan's infrastructure.Browse Asia News Archive
Trade Agreements
Global System of Trade Preferences among Developing Countries
Algeria
Argentina
Benin
Bolivia
Brazil
Cameroon
Chile
Colombia
Cuba
Ecuador
Egypt
Ghana
Guinea
Guyana
Iran
Iraq
Libya
Mexico
Morocco
Mozambique
Nicaragua
Nigeria
Peru
Sudan
Tanzania, United Republic Of
Trinidad And Tobago
Tunisia
Venezuela
ZimbabweThe Global System of Trade Preferences arose out of the United Nations Group of 77. The Group first appeared interested in 1976 to develop a global system of trade for developing countries. Over years of negotiations, the agreement was signed by the participating members of the Group of 77. The members are currently looking to expand their economic ties to other developing countries in Asia, Latin America and Africa. http://www.unctadxi.org/templates/Page____6207.aspx
Pakistan – People’s Republic of China Free Trade Agreement
http://english.mofcom.gov.cn/accessory/200611/1164848706093.doc
South Asian Free Trade Area
Introduced at the South Asian Association for Regional Cooperation summit, the South Asian Free Trade Area created a free trading zone that reaches 1.4 billion people. The SAFTA contains zero customs duty on practically all products. http://www.saarc-sec.org/data/summit12/saftaagreement.pdf
Trade Organizations
Asia Cooperation Dialogue (ACD)
The Asia Cooperation Dialogue (ACD) is an International Organization to promote Asian cooperation at a continental level, helping to integrate the previously separate regional organizations of political or economical cooperation such as ASEAN, SAARC
Centre on Intergrated Rural Development for Asia and the Pacific (CIRDAP)
The Centre for Integrated Rural Development for Asia and the Pacific (CIRDAP) is a regional intergovernmental and autonomus organization
Economic Cooperation Organization (ECO)
The Economic Cooperation Organization (ECO) is an intergovernmental international organization involving ten Asian nations. It provides a platform to discuss ways to improve development and promote trade, and investment opportunities. The nations involved are Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkey, Turkmenistan and Uzbekistan. The common objective is to establish a single market for goods and services, much like the European Union. ECO's secretariat and cultural department are located in Tehran, its economic bureau is in Turkey and its scientific bureau is situated in Pakistan.
South Asian Association for Regional Cooperation (SAARC)
The South Asian Association for Regional Cooperation (SAARC) is an economic and political organization of eight countries in Southern Asia. It was established on December 8, 1985 by India, Pakistan, Bangladesh, Sri Lanka, Nepal, Maldives and Bhutan. In April 2007, at the Association's 14th summit, Afghanistan became its eighth member.