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At UN, Pakistan urges faithful implementation of Indo-Pak Indus Water Treaty

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Indus Water Treaty

UNITED NATIONS, Oct 26 (APP): A top Pakistani diplomat Tuesday called for respecting and implementing “in letter and spirit” the 1960 Indus Water Treaty between India and Pakistan, a lower riparian state, at a preparatory meeting for the UN Water Conference 2023.

“Besides climate change,” Ambassador Munir Akram said, “Pakistan’s water-vulnerability is also flow from its status as a lower-riparian state.”

“Many of our catchment areas and their ecosystems traverse boundaries,” he told a large number of delegates attending the meeting.

“Changes on the other side of the border have a direct impact on us,” the Pakistani envoy said, referring to India.

“It is essential that water sharing agreements – such as the Indus Water Treaty – should be respected and implemented in letter and spirit,” he added.

Pakistan is among the top 10 water scarce countries in the world, and has also been among the top ten climate vulnerable countries.

Recurrent spells of extreme weather events such as floods, droughts, glacial lake outbursts, cyclones, and heat waves have taken a heavy toll on both life and property and adversely affected Pakistan’s economic growth, Ambassador Akram said.

“The recent floods in Pakistan, owing to the extreme heat wave that melted away many of our glaciers followed by “monsoon on steroids”, resulted in widespread devastation of vital infrastructure loss of thousands of lives, and internal displacement of millions of people.”

Owing to the recent floods, he said. many of Pakistani farmers have already missed the planting season for the winter wheat crop, adding that this may create serious food shortages.

Pakistan, he said, agrees with the themes of the 2023 water conference which are consistent with its national priorities.

“We agree that effective water management requires enhancing standards and regulatory limits to govern discharge into water bodies, ensuring ecological standards in water quality, and maintaining the run-off in our rivers in order to maintain ecosystem services.”

In this regard, the Pakistani envoy urged upholding of environmental principles like precaution, polluter pays, and no-harm in maintaining our fresh water resources including trans-boundary rivers.

“We must ensure trans-boundary water cooperation to ensure the right and obligations of lower and upper riparian states,” he said.

Ambassador Akram also underscored the need for investments in water-related sustainable and resilient infrastructures in order to achieve the targets and objectives of the Sustainable Development Goals (SDGs) that are aimed at zero-hunger and eradication of poverty.

Some 1,200 scientists, representatives of the private sector and civil society are meeting at UN Headquarters in New York to discuss potentially game-changing ideas related to water and sustainability.

The results emerging from roundtables on governance, capacity development, data and information, innovation and financing, will be shared with national representatives.

Noting that the world stands at a watershed moment, the President of the General Assembly, Csaba Korosi, whose Office organized the consultations, told participants that it is time to “transform from reactive water management to proactive, science-based solutions to the water crisis.”

Korosi urged participants discuss game changers from the perspective of “solidarity, sustainability and science”, the motto of the 77th session of the General Assembly.

Chinese firms briefed about promising investment landscape in Pakistan

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BEIJING, Oct 26 (APP): Pakistan Ambassador to China, Moin ul Haque has briefed the Chinese companies about the promising investment landscape in Pakistan and called upon them to take advantage of attractive incentives offered under China Pakistan Economic Corridor (CPEC) framework and make Pakistan their investment and business destination.

“The Chinese investors and businessmen get special attention at the highest level and they are warmly welcomed in Pakistan for business and trade to promote economic cooperation between our two countries,” he said while addressing China-Pakistan Trade and Industrial Cooperation Forum held at Pakistan Embassy.

“Both countries cooperate in almost every field but in recent times, there has been a more focus on cooperation in the fields of trade, investments, industry and agriculture,” he added.

“The ambassador said that Pakistan is China’s largest trading partner and the key source of foreign direct investments. The second phase of the Free Trade Agreement launched in early 2020, has allowed larger access of products to each others’ markets.

He said that the liberalized trade between the two countries was contributing to record numbers of bilateral trade.

Pakistan, he said was the fifth largest populous country in the world and a large market, adding, “We are a young and very talented population which is contributing to the nation-building process as well as a very attractive and skilled labour market”.

He called upon the Chinese companies could take benefit of Pakistan’s geographic location as the country is not only a neighbour of China, but it also has very close links with the neighbouring regions of South Asia, West Asia and Central Asia.

Expressing his pleasure over the participation of a large number of Chinese companies in the forum, he assured them that the concerned departments of the two countries would continue to facilitate the Chinese businessmen and companies to enhance trade and industrial cooperation.

The ambassador appreciated the support extended by UBL for hosting the forum.

Addressing on the occasion, the Chairman, of China Overseas Port Holding, Zhang Baozhong updated the audience about Gwadar Port, Special Economic Zone, Gwadar Airport and other projects being carried out there.

He said that the port offers numerous benefits to foreign and local traders and added, there are no demurrage charges, while there is security and safety of cargo with speedy customs clearance and free storage of container for the three months period.

The chairman urged the Chinese companies and traders to come forward and take advantage of opportunities and invest in special economic zones and other projects.

Speaking on the occasion, the Head of Chancery, Naeem Iqbal Cheema briefed the participants about the facilities offered to the Chinese companies and investors under the CPEC flagship project.

“There are certain advantages of investing in the projects under CPEC compared to other projects.

There is a very strong leadership support and the projects under this framework get easy financing and other facilities”, he added.

Commercial Counselor, Ghulam Qadar in his presentation threw light on the incentives as well as facilities being offered under the CPEC the Chinese investors and traders in Pakistan.

Chief Representative of United Bank Limited (UBL) in China, Falak Sher Zaman said that his bank was providing services to facilitate the Chinese companies to promote trade and investment between the two countries.

The forum was jointly hosted by the Embassy of Pakistan, United Bank Limited (UBL), Beijing Innovation Alliance (BJIA) and the Economic and Commercial Counselors Alliance in China.

China sends more humanitarian supplies for Pakistan flood victims

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https://www.app.com.pk/national/france-donated-e2-million-for-flood-relief-operations/

BEIJING, Oct. 26 (APP): A batch of humanitarian supplies donated by the Red Cross Society of China, Guangxi Branch, was dispatched to Pakistan for distribution among the flood-stricken people.
“A batch of humanitarian aid worth RMB 300,000 is on its way to Pakistan.

Shipment of the supplies started last Friday and will arrive at the Karachi Port by sea,” China Economic Net (CEN) reported.

The supplies, donated by the Red Cross Society of China Guangxi Branch, composed of 4,286 blankets will be distributed among the flood affectees in Pakistan.

Speaking at the launching ceremony held on this occasion, Wang Lei, Executive Vice Chairman of the Red Cross Society of China Guangxi Branch, expressed his sincere sympathy to the people of Pakistan who suffered from the natural disaster.

He hoped that the materials donated by the people of Guangxi could help them overcome the difficulties and also wished for an early recovery in the flood-hit areas.

Ahmed Farooq, Deputy Head of Mission, the Pakistan Embassy in China attended the ceremony online and expressed his thanks to the people of Guangxi.

It is learned that the materials will be received by the National Disaster Management Authority of Pakistan (NDMA).

EXCHANGE RATES FOR CURRENCY NOTES

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Rupee plunges by Rs 18.97 against dollar

KARACHI, Oct 26 (APP): CURRENCY SELLING BUYING
USD 222.50 217.60
GBP 254.94 249.31

EUR 221.55 217.10
JPY 1.5013 1.4683
SAR 59.27 57.81

AED 60.59 59.63

LIBOR
LIBOR FOR CALCULATING INTEREST ON SPECIAL USD BONDS
LIBOR 1M 3.57643
LIBOR 3M 4.32686
LIBOR 6M 4.87700

US DOLLAR Indicative FBP Rates

CURRENCY SIGHT/
15 DAYS 1M 2M 3M 4M 5M 6M

USD 218.35 216.94 214.21 211.70 209.46 207.29 205.15

EUR 217.66 216.47 214.24 212.43 210.65 208.89 207.21

GBP 250.27 248.72 245.78 243.21 240.76 238.38 236.02

APP/msq

NBP Exchange Rates

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Exchange Rates

KARACHI, Oct 26 (APP): Treasury Management Division of National Bank of Pakistan (NBP) on Wednesday issued the following exchange rates.

CURRENCY SYMBOL TT Selling TT Buying
U.S DOLLAR USD 220.30 219.80
EURO EUR 219.80 219.30

JAPANESE YEN JPY 1.4865 1.4831
BRITISH POUND GBP 252.42 251.85
SWISS FRANC CHF 221.50 221.00

CANADIAN DOLLAR CAD 162.02 161.65
AUSTRALIAN DOLAR AUD 141.15 140.83
SWEDISH KRONA SEK 20.18 20.13

NORWEGIAN KRONE NOK 21.19 21.15
DANISH KRONE DKK 29.49 29.42
NEWZEALAND DOLLAR NZD 126.69 126.40

SINGAPORE DOLLAR SGD 155.64 155.29
HONGKONG DOLLAR HKD 28.17 28.11
KOREAN WON KRW 0.1546 0.1542

CHINESE YUAN CNY 30.29 30.22
MALAYSIAN RINGGIT MYR 46.64 46.53
THAI BAHT THB 05.80 05.79

U.A.E DIRHAM AED 60.40 60.27
SAUDI RIYAL SAR 58.68 58.55
QATAR RIYAL QAR 60.53 60.39

KUWAITI DINAR KWD 712.07 710.46

CONVERSION RATE FOR FROZEN FCY DEPOSITS
USD 219.6208
GBP 248.5229

EUR 216.7657
JPY 1.475

SETTLEMENT DATE: 28-10 2022

Currency rates of NBP

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KARACHI, Oct 26 (APP): Following are the selling/buying rates Of major currencies issued by the National Bank of Pakistan (NBP), here on Wednesday.

CURRENCY SELLING BUYING
USD 222.50 217.60
GBP 254.94 249.31

EUR 221.55 217.10
JPY 1.5013 1.4683

SAR 59.27 57.81
AED 60.59 59.63

At UN, Pakistan calls for steps to offset threats to regional, international security

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UNITED NATIONS, Oct 26 (APP): Reaffirming that international peace and security depended on stability at the regional levels, Pakistan has called for the preservation of balance in the defence capabilities of states at the lowest level of armaments and military forces.

Speaking in a thematic debate in the General Assembly’s First Committee, which deals with disarmament and international security issues, Ambassador Aamir Khan, deputy permanent representative of Pakistan to the UN, also underscored the special responsibility of states with larger military capabilities in promoting agreements for regional security and pursuit of disarmament measures in an equitable and balanced manner.

“Several regions of the world have benefited from the application of these principles and guidelines in the areas of conventional arms control, risk reduction measures, confidence-building measures (CBMs), particularly at the regional and sub-regional levels,” he said in the debate on ‘Regional Disarmament and Security’.

The ultimate aim of regional approaches should be to enhance regional and global peace and security, particularly in regions mired in tensions. Preventing the possibility of military attack launched by surprise and avoiding aggression remained important goals of conventional arms control.

Confidence-building measures could lead to favourable measures for the peaceful settlement of disputes, as well as facilitate solutions to situations which might cause international friction, Aamir Khan said.

“Without progress towards eliminating underlying disputes and causes of mistrust between states, the utility of confidence-building measures diminishes,” he said, adding that they alone cannot act as a substitute nor a precondition for steps towards the peaceful settlement of disputes.

However, he added, confidence-building measures were not a goal in themselves and should be pursued in conjunction with earnest efforts for peaceful dispute settlement in line with the Charter.

A stable balance of conventional forces and weapons was necessary to ensure strategic stability, the Pakistani envoy said.

For several years, he said, Pakistan has led initiatives at the United Nations to promote the goals of regional disarmament, conventional arms control, and CBMs.

In this regard, he told the committee that the Pakistan delegation will present three resolutions on regional disarmament; confidence-building measures in the regional and sub-regional context; and conventional arms control at regional and sub-regional levels.

“These draft resolutions recognize the significance of and complementarity between regional and global approaches to arms control, disarmament and confidence building to promote international peace, security and stability,” Aamir Khan said, as he called for their adoption.

Foreign exchange rates

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KARACHI, Oct 26 (APP): The Exchange Rates Committee of Financial Markets Association of Pakistan issued the following Exchange rates bulletin, here on Wednesday.

CONVERSION RATES FOR October 26, 2022 FOR FOREIGN CURRENCY FOR FORWARD COVER FOR DEPOSITS (EXCLUDING FE 25 DEPOSITS)

SBP SETTLEMENT VALUE DATE OCTOBER 28, 2022

USD 219.6208
GBP 248.5229
EUR 216.7657
JPY 1.4750

PM performs Umrah, prays for country’s progress, prosperity

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MAKKAH, Oct 26 (APP): Prime Minister Shehbaz Sharif on Wednesday performed Umrah here along with his delegation.

The prime minister performed the rituals of Umrah and prayed for country’s peace, progress and prosperity.

Earlier, the prime minister landed in Jeddah from Riyadh where he had attended the Future Investment Initiatives summit and also met Saudi Crown Prince Mohammed Bin Salman bin Abdulaziz.

On his arrival at the Jeddah airport, Governor of Jeddah Prince Saud bin Abdullah bin Jalawi received the prime minister.

 

Prime Minister Muhammad Shehbaz Sharif meets Crown Prince and Prime Minister of Kingdom of Saudi Arabia HRH Muhammad Bin Salman in Royal Palace Riyadh, Saudi Arabia

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Prime Minister Muhammad Shehbaz Sharif meets Crown Prince and Prime Minister of Kingdom of Saudi Arabia HRH Muhammad Bin Salman in Royal Palace Riyadh, Saudi Arabia
APP73-251022 RIYADH: October 25 - Prime Minister Muhammad Shehbaz Sharif meets Crown Prince and Prime Minister of Kingdom of Saudi Arabia HRH Muhammad Bin Salman in Royal Palace Riyadh, Saudi Arabia. APP/ABB
Prime Minister Muhammad Shehbaz Sharif meets Crown Prince and Prime Minister of Kingdom of Saudi Arabia HRH Muhammad Bin Salman in Royal Palace Riyadh, Saudi Arabia
APP73-251022 RIYADH