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First Pakistan-Russia Trade and Investment Forum kicks off in Moscow

First Pakistan-Russia Trade and Investment Forum kicks off in Moscow
Pakistan’s Minister for Board of Investment, Privatization and Communications Abdul Aleem Khan is chairing a meeting in Islamabad, Pakistan on April 25, 2024. (@investinpak/File)
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Updated 01 October 2024
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First Pakistan-Russia Trade and Investment Forum kicks off in Moscow

First Pakistan-Russia Trade and Investment Forum kicks off in Moscow
  • Over 70 Pakistani businesspersons, 100 Russian companies are taking part in event 
  • Ties between Pakistan and Russia, once Cold War rivals, have warmed up in recent years 
Updated 01 October 2024
SAIMA SHABBIR
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ISLAMABAD: Pakistan’s Privatization Minister Abdul Aleem Khan has said Islamabad is seeking enhanced cooperation with Russia in several avenues, as the first ever trade and investment forum between the two countries kicked off in Moscow on Tuesday. 

Khan is leading a delegation of over 70 businesspersons from various sectors in the first ever Pakistan-Russia Trade & Investment Forum in Moscow. According to the state-owned Pakistan Television News, over 100 Russian companies are taking part in the forum as well. 

Speaking at the forum, Khan said the current volume of trade between the two countries does not reflect the true potential of Pakistan and Russia. The minister said today is the “start of new bilateral relations with Russia,” according to PTV News. 

“He said this forum will open new avenues of trade and investment between the two countries,” PTV said, adding that Islamabad attaches “huge importance” to its ties with Moscow. 

According to the PTV, Russian Deputy Trade and Investment Minister Alexey Gruzdev said interactions between the business delegations of both countries will have a positive impact on their bilateral ties. 

Pakistan and Russia, once Cold War rivals, have warmed up to each other in recent years through regular business and trade interactions. As Islamabad seeks to enhance its role as a transit hub for landlocked economies in Central Asia, it has expressed interest in connecting with Russia through Central Asia for bilateral trade.

Islamabad’s ties with Russia also saw significant improvement last year after Pakistan started purchasing Russian crude oil at a discount. Geopolitical tensions triggered fuel prices to more than double in Pakistan last year, forcing the country to opt for cheaper sources of fuel. 

Pakistan also received its first shipment of liquified petroleum gas from Russia in September 2023, marking Islamabad’s second major Russian energy purchase.

Russia’s Deputy Prime Minister Alexei Overchuk arrived in Islamabad last month for a brief visit to the country, seeking to expand trade and investment ties with Pakistan. 

Topics: Pakistan Russia Ties Abdul Aleem Khan Russia

Pakistan welcomes ceasefire deal in Gaza, calls for ‘full implementation’

Pakistan welcomes ceasefire deal in Gaza, calls for ‘full implementation’
Updated 6 sec ago
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Pakistan welcomes ceasefire deal in Gaza, calls for ‘full implementation’

Pakistan welcomes ceasefire deal in Gaza, calls for ‘full implementation’
  • Deal outlines six-week initial ceasefire with the gradual withdrawal of Israeli forces from the Gaza Strip
  • Israel’s acceptance of deal won’t be official until approved by country’s security cabinet and government
Updated 6 sec ago
SAIMA SHABBIR

ISLAMABAD: Pakistan on Thursday welcomed a ceasefire accord reached between Israel and Hamas, which controls the Gaza Strip, after months of mediation by Qatar, Egypt and the US and 15 months of bloodshed that has devastated the coastal territory and inflamed the Middle East.

The deal outlines a six-week initial ceasefire with the gradual withdrawal of Israeli forces from the Gaza Strip, where tens of thousands have been killed since October 2023. Hostages taken by Hamas would be freed in exchange for Palestinian prisoners held by Israel.

If successful, the ceasefire will halt fighting that has razed much of heavily urbanized Gaza, killed over 46,000 people and displaced most of the tiny enclave’s pre-war population of 2.3 million, according to Gaza authorities. That in turn could defuse tensions across the wider Middle East, where the war has stoked conflict in the Israeli-occupied West Bank, Lebanon, Syria, Yemen and Iraq, and raised fears of all-out war between arch regional foes Israel and Iran.

“It is hoped that the truce would lead to permanent ceasefire and help in scaling up humanitarian assistance,” the foreign office said in a statement, calling for the “immediate and full implementation” of the ceasefire accord. 

Islamabad, which does not recognize nor have diplomatic ties with Israel, said “indiscriminate” use of force by Israeli forces had caused unprecedented loss of lives and property and the displacement of hundreds of thousands of Palestinians while its “expansionist designs” had destabilized the entire Middle East region.

“Pakistan reiterates its support for a just, comprehensive, and durable solution to the Palestinian issue, leading to the establishment of a sovereign State of Palestine based on pre-June 1967 borders, with Al-Quds Al-Sharif as its capital,” the statement said. 

At a news conference in Doha, Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani said the ceasefire would take effect on Sunday. Negotiators were working with Israel and Hamas on steps to implement the agreement, he said.

“This deal will halt the fighting in Gaza, surge much-needed humanitarian assistance to Palestinian civilians, and reunite the [Israeli] hostages with their families after more than 15 months in captivity,” US President Joe Biden said in Washington.

Israel’s acceptance of the deal will not be official until it is approved by the country’s security cabinet and government, with votes slated for Thursday, an Israeli official said.

While people celebrated the pact in Gaza and Israel, Israel’s military escalated attacks after the announcement, the civil emergency service and residents said.

Heavy Israeli bombardment, especially in Gaza City, killed 32 people late on Wednesday, medics said. The strikes continued early on Thursday and destroyed houses in Rafah in southern Gaza, Nuseirat in central Gaza and in northern Gaza, residents said.

Israel’s military made no immediate comment and there were no reports of Hamas attacks on Israel after the ceasefire announcement.

A Palestinian official close to the ceasefire negotiations said mediators were seeking to persuade both sides to suspend hostilities ahead of the ceasefire going into effect, Reuters reported.

With inputs from Reuters

Topics: Gaza Ceasefire

Pakistan raises petrol price by Rs3.47 for rest of January amid global market fluctuations

Pakistan raises petrol price by Rs3.47 for rest of January amid global market fluctuations
Updated 39 min 46 sec ago
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Pakistan raises petrol price by Rs3.47 for rest of January amid global market fluctuations

Pakistan raises petrol price by Rs3.47 for rest of January amid global market fluctuations
  • Pakistan adjusts petroleum prices fortnightly to pass on the impact of any change to consumers
  • Fuel price hikes can push consumer prices higher across sectors, causing popular resentment
Updated 39 min 46 sec ago
Arab News Pakistan

ISLAMABAD: The Pakistan government on Wednesday raised fuel prices for the remainder of the month, increasing the per-liter rates of petrol and diesel by Rs3.47 and Rs2.61 to align with recent trends in global energy markets.

Fuel prices in Pakistan are reviewed and adjusted fortnightly, based on fluctuations in international energy markets and the rupee-dollar exchange rate.

The mechanism ensures that the net impact of changes in import costs is passed on to consumers, helping to sustain the country’s fuel supply chain.

“OGRA [Oil and Gas Regulatory Authority] has worked out the consumer prices of petroleum products in view of fluctuations in [the] international market in the last fortnight,” it informed in a social media post while circulating the notification with revised rates.

It added that the new prices— 260.95 rupees per liter for high-speed diesel and 256.13 rupees per liter for petrol— would be effective starting Jan 16.

Fuel price increases typically push consumer prices higher across sectors, causing economic strain and fueling popular resentment.

Topics: Pakistan petrol

Pakistan to implement new energy market system from March, relinquishing government control 

Pakistan to implement new energy market system from March, relinquishing government control 
Updated 1 min 36 sec ago
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Pakistan to implement new energy market system from March, relinquishing government control 

Pakistan to implement new energy market system from March, relinquishing government control 
  • New system enables consumers to buy power from multiple suppliers, moving away from government-controlled system 
  • Pakistan's energy sector has long struggled with financial strain due to circular debt, power theft and transmission losses
Updated 1 min 36 sec ago
Shahjahan Khurram

Islamabad: Pakistan’s Energy Minister Awais Ahmad Khan Leghari said this week electricity consumers will be able to buy power from multiple suppliers starting March, as the government moves to implement a new energy market system.
Pakistan’s Cabinet Committee on Energy last October approved the formation of an independent entity to reform Pakistan’s energy market. The new system enables consumers to buy power from multiple suppliers, moving away from the current government-controlled system, where it is the sole buyer of electricity.
Pakistan’s energy sector has long struggled with financial strain due to circular debt, power theft and transmission losses, which have led to blackouts and high electricity costs.
“The National Assembly was informed today (Wednesday) that the government will not purchase electricity after March this year as authorization has been given for the creation of an Independent Electricity Market,” state broadcaster Radio Pakistan reported on Wednesday. 
Leghari told the lower house of parliament during the National Assembly session’s Question Hour that the Independent Electricity Market will enable consumers to purchase electricity from multiple suppliers.
Pakistan’s government expects the move will reduce the country’s circular debt and stabilize electricity prices, which along with food prices, pushed inflation to a record 38 percent high in May 2023. 
The federal cabinet this week also approved a plan to renegotiate agreements with 14 independent power producers (IPPs), another move aimed at lowering electricity costs and addressing the mounting circular debt. 
The main issue between the government and the IPPs were capacity charges, or payments made to IPPs regardless of electricity consumption, which have exacerbated circular debt, now exceeding Rs2.4 trillion ($8.6 billion), as per the energy minister. 
Pakistan says revised contracts will save the government Rs1.4 trillion ($5 billion) over their duration, translating into annual savings of Rs137 billion ($493.2 million) for consumers.
The government’s renegotiation efforts were influenced by the International Monetary Fund’s reform recommendations, which seek to reduce tariffs and capacity payments to ease fiscal pressure.

Pakistan raises alarm over US, Israeli airstrikes in Yemen, Houthi attacks in Red Sea

Pakistan raises alarm over US, Israeli airstrikes in Yemen, Houthi attacks in Red Sea
Updated 28 min 48 sec ago
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Pakistan raises alarm over US, Israeli airstrikes in Yemen, Houthi attacks in Red Sea

Pakistan raises alarm over US, Israeli airstrikes in Yemen, Houthi attacks in Red Sea
  • Munir Akram says the conflict in Yemen must be viewed in the context of overall Mideast situation
  • He reiterates Pakistan’s stance that the conflict in Yemen should be resolved through political means
Updated 28 min 48 sec ago
Fatimah Amjad

ISLAMABAD: Pakistan’s top diplomat at the United Nations raised concerns over US and Israeli airstrikes in Yemen and Red Sea attacks by the Houthis during a Security Council briefing on Wednesday, emphasizing the need to view the conflict in the context of the volatile situation across the Middle East.
The United States and Israel launched aerial attacks in Yemen in recent weeks, targeting positions held by the Houthis, a faction that controls much of northern Yemen, including the capital Sanaa.
The strikes were said to be in response to Houthi attacks on commercial ships in the Red Sea and a series of missile and drone strikes against Israel, including a projectile intercepted near central Israel.
The Houthis have described their actions as a commitment to the Palestinian resistance, expressing solidarity with Gaza and Lebanon in the face of Israeli military operations.
A senior UN official noted during the briefing that the conflict in Yemen was increasingly becoming internationalized due to the involvement of external actors.
“Pakistan is deeply concerned on the airstrikes in Yemen,” Ambassador Munir Akram said during his comments to the Security Council. “Israeli airstrikes on Yemen’s civilian infrastructure, including Sana’a International Airport, Red Sea ports and power stations have caused civilian casualties, further exacerbating the dire humanitarian and political crises in Yemen.”
“We are also deeply concerned over Houthi attacks on commercial and maritime vessels in the Red Sea, which threaten global trade, regional stability and the environment,” he added.
Focusing on Yemen’s internal situation, the Pakistani diplomat highlighted the progress made during the December 2023 peace negotiations, which resulted in agreements on a nationwide ceasefire, economic revival initiatives, resuming oil exports and ensuring the payment of public sector salaries.
“It is crucial to preserve these gains, establish a roadmap and fully implement commitments to foster sustainable peace,” he emphasized.
Hans Grundberg, Special Envoy of the Secretary-General for Yemen, also urged for “immediate de-escalation and genuine engagement for peace,” noting that nearly 40 million Yemenis had long awaited a peaceful environment to rebuild their lives.
Ambassador Akram reiterated Pakistan’s stance that the conflict in Yemen should be resolved through diplomatic and political means.
“Pakistan urges all parties to prioritize dialogue, engage in a Yemeni-led and Yemeni-owned political process, and resolve differences through peaceful means,” he said.
 

Topics: Pakistan Yemen UN

South Africa’s injured Nortje ruled out of Pakistan-hosted Champions Trophy

South Africa’s injured Nortje ruled out of Pakistan-hosted Champions Trophy
Updated 15 January 2025
AFP
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South Africa’s injured Nortje ruled out of Pakistan-hosted Champions Trophy

South Africa’s injured Nortje ruled out of Pakistan-hosted Champions Trophy
  • Nortje has played in 19 Tests, 22 one-day internationals and 42 T20 internationals for South Africa
  • Replacement for Nortje, named in South Africa’s 15-man squad on Tuesday, will be announced soon
Updated 15 January 2025
AFP

JOHANNESBURG: Fast bowler Anrich Nortje was on Tuesday ruled out of the Champions Trophy because of a back injury.
The latest injury setback for the 31-year-old was announced by Cricket South Africa a day after he was named in his country’s 15-man squad for the tournament in Pakistan next month.
Nortje, at his peak the fastest bowler in international cricket, underwent a scan on Monday, according to a statement by CSA, “which revealed the extent of the injury.”
The statement did not specify the exact nature of the injury.
Nortje, who has played in 19 Tests, 22 one-day internationals and 42 T20 internationals, has not played any international cricket since the final of the T20 World Cup in Barbados last June.
He had been in line to make a comeback against Pakistan last month but suffered a broken toe while batting in the nets.
Nortje was also ruled out of the ongoing SA20 franchise competition in which he was due to play for Pretoria Capitals.
CSA said a replacement would be named later.

Topics: ICC Champions Trophy 2025 Champions Trophy 2025 Anrich Nortje

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