CMB will explore the establishment of a customs electronic information sharing system
According to Pakistan's "Forum Express" reported on September 21, China and Pakistan will explore the establishment of an electronic information sharing system in the next round of FTA negotiations to combat unscrupulous trade practices such as under-reporting commodity prices and misuse of customs commodity classifications.
At present, there are inconsistencies in the statistics of China and Pakistan Customs. For more than 20 years, the China-Pakistan trade data reported by the Chinese Embassy in Pakistan has been far from the statistics of the local institutions. One of the important reasons is the low price and quantity of Chinese exports to Pakistan. By understating prices and quantities, importers can achieve the purpose of evading tariffs.
The report believes that excessive imports from China are damaging local industries. Data sharing will help relevant parties to verify actual imports and file an anti-dumping investigation with the Pakistan National Taxation Commission (NTC).
Annual steel demand is about 8 million tons
According to Pakistan's "News" report, a delegation composed of Pakistani privatization committee and Pakistani steel plant (PSM) executives recently went to China to carry out a series of roadshows for the privatization of Baanshan Iron and Steel to attract Chinese companies' investment interest. The delegation will meet some potential strategic partners such as Chinese industrial sector officials and China Steel Group Corporation.
According to the news, the financial consultant of Baanshan Iron & Steel Co., Ltd. has a valuation of 152 billion rupees (about 1.46 billion US dollars), and the company currently has a debt of 135 billion rupees (about 1.3 billion US dollars). In August, several Chinese companies have carried out PSM. Valuation surveys, including Sinosteel, SINOMACH, and China National Machinery Corporation.
Pakistan is an important market for China's steel exports. Its annual steel demand is about 8 million tons, and its domestic production capacity is only 1.1 million tons. Baanshan Iron and Steel is the largest steel factory in Pakistan. It was built in the 1970s and the Pakistani government has actively promoted the privatization of Baanshan Iron and Steel.
In March 2007, a multinational consortium of Russia, Saudi Arabia and Pakistan had wanted to acquire 75% of the company’s shares. However, the Supreme Court of Pakistan severely ignored the company’s rate of return and the real value of assets, and there were irregular operations. The privatization was declared invalid, and the privatization of the company was put on hold. In 2013, the IMF signed a loan agreement with the Pakistani government with a number of reform requirements, including the privatization of loss-making state-owned enterprises such as PSM.
Importers call on the government to cancel import tariffs on electric bicycles
According to Pakistan’s “Dawn” reported on September 21, Pakistani importer TAZ Trading Company called on the government to cancel import tariffs on electric bicycles. At present, Pakistan imposes a 65% tariff on electronic bicycles, a 17% sales tax, a 3% VAT and a 6% income tax, resulting in the price of imported electric bicycles up to 100,000 rupees (about 1,000 US dollars), which is the price of motorcycles. double.
TAZ Trading Company CEO Athar Ahmed Khan told the media that the promotion of electric bicycles can save the country nearly half of the gasoline consumption. At present, the annual consumption of gasoline in the year is 5 billion US dollars, of which about 2.5 billion dollars are used for motorcycles. For the average consumer, electric bicycles can reduce the cost of use (only about 10% of motorcycles) and do not require a registration license. In addition, there is no electric bicycle manufacturer in Pakistan, and the elimination of tariffs will not cause damage to the domestic industry.
Ahmad also said that many countries have adopted incentive policies for electric vehicles, such as China, India, Turkey, Norway, the Netherlands, the United Kingdom, the United States, etc., the highest subsidy can reach 70% of the price.
Request China to expand import duty-free share
According to Pakistan’s “Business Record”, the Pakistani Minister of Commerce recently stated that Pakistan has submitted an application to China for tax exemption for 90% of imported goods from Pakistan in order to resolve the bilateral trade imbalance, but the Chinese have not made any changes.
The second round of China-Pakistan Free Trade Agreement negotiations will be held in Beijing in the near future. The Palestinian side proposes that the customs of the two countries also participate in the talks to resolve the bilateral statistical data error. It is hoped that China will set up a special agency or designated personnel to handle bilateral commercial disputes and speed up the Palestinian side. Agricultural product certification process.