ISLAMABAD: The federal cabinet, which met here on Tuesday with Prime Minister Shahid Khaqan Abbasi in chair, allowed the signing of a memorandum of understanding (MoU) between the Intellectual Property Organisation (IPO) of Pakistan and the State Intellectual Property Office (SIPO) of China.
The enhanced cooperation between IPO-Pakistan and SIPO-China will enable both the organisations to learn from each other’s experiences.
IPO-Pakistan will also learn from China’s rich experience in using the IP system in a balanced and flexible manner that promotes national development and trade while protecting IP rights, stated a press release issued by the PM’s Media Office.
The cabinet, in its meeting held here at the Prime Minister’s Office, also ratified the Statute of the ECO Regional Centre for Cooperation of the Anti-Corruption Agencies and Ombudsmen (RCCACO).
It approved a proposal by Aviation Division to grant exemption to Pakistan International Airlines Corporation Limited (PIAC) from fee payable @ 0.1% to the Pakistan Stock Exchange Limited (PSX) and supervisory fee payable @ 10% to Securities and Exchange Commission of Pakistan of PSX fee on issuance of additional shares.
Establishment of insurance tribunals at Lahore and Multan was also approved.
The cabinet approved appointment of Air Marshal Ahmer Shahzad as Chairman Pakistan Aeronautical Complex Board Kamra.
Extension in contract appointment of Omar Arshad Hakeem, Judicial Member (BS-21) Customs Appellate Tribunal, Bench II Lahore for a further period of two years was allowed by the cabinet.
The cabinet approved a proposal of Law and Justice Division for repatriation of Manoo Mal Khagaija, Judge Banking Court-I Hyderabad, to Sindh High Court and appointment of Syed Nasiruddin Shah, District and Sessions Judge, as Judge Banking Court -I Hyderabad.
The cabinet ratified recommendations of the Cabinet Committee for Disposal of Legislative Cases, which met on September 22, 2017. Decisions taken by the Economic Coordination Committee of the Cabinet in its meeting held on September 14, 2016 were also ratified.
Proposal of Economic Affairs Division for signing of Financial Cooperation Agreement (FCA) 2015 with Germany was approved.
On agreement between the government of the Russian Federation and the government of Pakistan on cooperation for the construction of a 600 MW natural gas combined cycle power plant at Jamshoro, the cabinet authorised Power Division to negotiate the details of the draft framework agreement and bring the agreed version before it.
It will also finalise the terms and conditions of the loan in consultation with Economic Affairs Division and Finance Division.
The cabinet approved a proposal of the Revenue Division to amend the Convention of the Avoidance of Double Taxation between Pakistan and Korea.
Amendment to the existing convention between Pakistan and Qatar for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income was approved by the cabinet.
Furthermore, the cabinet also approved amending the existing convention between Pakistan and Canada for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes.
It also approved amendment in SRO 1125(I)/2011 dated 31-12-2011, allowing reduction in rate of sales tax from 17% to 6% on ready to use imported finished articles of textile and leather, in line with WTO regulations.
Amendment in Import Policy Order with regard to import of beef was also approved. In order to clarify the said commodity in Import Policy Order, the word MBM would be incorporated after the word “meat and bone meal” in the said Policy Order.
PM: PM Shahid Khaqan Abbasi on Tuesday directed the Ministry of Commerce that continuous refinements must be made to further improve the export package.
Chairing a meeting on trade and exports related matters at the PM Office, the prime minister directed the ministry to submit the refined and finalised proposals to the Economic Coordination Committee (ECC).
The meeting reviewed the impact of Prime Minister’s Exports package and noted, with satisfaction, that more than 10 percent increase had been observed in country’s exports during the last three months.
Various options to increase the impact of Prime Minister’s Export Package were considered during the meeting.
The Ministry of Commerce presented various proposals in this regard that had been prepared in consultation with leading exporters, the Ministry of Finance and the Federal Board of Revenue.
The PM observed that the cost of doing business had increased over time. This issue needed to be compensated through creative incentives to the export sector. The meeting was attended by Minister for Commerce Muhammad Pervaiz Malik, Minister for Finance Muhammad Ishaq Dar and other senior government officials.
Published in Daily Times, October 4th 2017.
