ISLAMABAD, June 29 (APP): In the wake of recent referendum in Britain, Ministry of Commerce will conduct a round of trade diplomacy with the members of European Union in order to strengthen trade relations and augment support in the European Parliament and European Commission.

Minister for Commerce, Engineer Khurram Dastgir Khan has directed the Trade Commissioner of Pakistan in Brussels, Omer Hameed to enhance diplomatic contacts with his counterparts, especially with the representatives of countries in Northern Europe, which are traditionally in favor of trade liberalization.

Commercial officers posted in the Embassies of Pakistan in Europe will be issued directions to liaise with respective trade ministries of host countries in order to project Pakistan’s credentials and progress on trade and GSP+ front.

The minister, according to a statement issued by the Ministry, said that it was time for Pakistan to win over new friends and revitalize the old friendships in the European Union to safeguard Pakistan’s interests in the EU Parliament and Commission.

The Minister said that Pakistan’s exports to the United Kingdom under the GSP+ scheme in the European Union will not be affected immediately from the result of the UK referendum.

Pakistan’s exporters to the United Kingdom would to continue as before, the statement added.

United Kingdom’s withdrawal from the European Union will be governed by Article 50 of EU Lisbon Treaty, which requires a notification from the withdrawing country; in this case the United Kingdom and this notification has not been issued yet.

After the said notification is issued, Article 50 envisages a minimum of two years before EU treaties and agreements cease to apply to the withdrawing country.

The Minister also held meeting with the Ambassador-designate to France, Moeen-ul-Haq and urged him to conduct proactive trade diplomacy in France.

He also directed him to prepare for a Design Expo in Paris in the spring next year. The Minister said that instead of holding a regular trade exhibition, the Ministry of Commerce will showcase the designing prowess of Pakistani entrepreneurs in jewelry, furniture, fashion, handicrafts, sports and textile design in a modern Design Expo which will have a greater appeal to the artistic taste of French buyers.

ISLAMABAD, June 29 (APP): The World Bank has approved a $200 million credit on Tuesday to strengthen Balochistan government’s initiative for community-based water management for irrigation in the province.

The Balochistan Integrated Water Resources Management & Development Projectwill support investments in two of the eighteen basins in Balochistan – Nari and Porali river basins. These river basins were selected based on an assessment of surface water resources development opportunities, said a statement issued by the bank here Wednesday.

“Balochistan is the least water-secure province in Pakistan and farmers here face the greatest risks from climate change”, says Illango Patchamuthu, the World Bank Country Director for Pakistan.

“The Project is designed to boost farmer incomes through new irrigation infrastructure and improved on-farm management and rangeland management. An associated objective is building province’s capacity for long term water resources planning.”

Communities will be mobilized for participation in construction and rehabilitation of irrigation and drinking water supply facilities; flood protection infrastructure; watershed management and environmental protection works; and on-farm water management and agricultural productivity activities.

The main project beneficiaries will be small-holding farmers (up to 12.3 acres) and mediumholding farmers (12.35 to 49.4 acres) engaged in irrigated agriculture.

Approximately 42,800 farm households will benefit from project’s interventions.The province’s hydro-meteorological monitoring and river basin information systems will also be strengthened.

“Groundwater is over-exploited in many parts of the Nari and Porali basins and watersheds are degraded; but opportunities exist for development of surface water resources, and for rehabilitating watersheds and rangelands both to enhance production but also to protect water resources and improve climate resilience”, says William Young,Task Team Leader of the Project.

The project will be financed from the International Development Association (IDA), the World Bank’s grant and low interest arm. It will be on standard IDA terms, with a maturity of 25 years, including a grace period of 5 years.

ISLAMABAD, June 29 (APP): The European Union and Government of Pakistan signed two agreements to provide grant of Euros 59.39 for the rural development and community empowerment programme in Balochistan and for International labour and environment standards application in Pakistan’s SMEs.

According to the agreements, a grant of 46.79 million would be provided for rural development and community empowerment programme while Euros 12.6 million would be provided for international labour and environment standards application in Pakistan’s SMEs.

Tariq Bajwa, Secretary Economic Affairs Division and Stefano GATTO, Charge ‘d’Affairs of the European Union signed agreements in a cermony held here on Wednesday.

Tariq Bajwa on the occasion said that the grants would be utilized to remove negative impacts of poverty, poor health and illiteracy in Balochistan.

He acknowledged the role of the European Union in helping the government of Pakistan achieve sustainable socio-economic objectives and said these agreements are evident of the European Union’s continued commitment to the development sector in Pakistan.

Highlighting the role of European Union Stefano Gatto said that the European Union was playing important role in the development sector of Pakistan and underlined that the European Union would continue the same in future also.

Meanwhile, Tariq Bajwa and Wolfgang Moellers, Country Director, KfW, a German Government owned bank also signed the Financing Agreement of Euros 6 million for Glacier Monitoring for Energy and Water Security in Pakistan.

Wolfgang moellers stated that the agreement would help the government of Pakistan in meeting the challenges posed by climate change.

Mr Moellers said that being the custodian of the largest number of Glaciers outside the arctic, Pakistan can surely assume global leadership in addressing a critical aspect of Climate Change through this project.

He stated that the KfW would continue its cooperation with the government in this regard.

Tariq Bajwa, Secretary Economic Affairs Division stated that climate change was one of the major challenges facing the world today and needs an adequate and urgent management.

Secretary EAD thanked KfW for its cooperation with the government of Pakistan in Glacier Monitoring and expressed the hope that the bilateral cooperation would result in better management of glaciers and water issues in Pakistan.

ISLAMABAD, Jun 29 (APP): The Islamabad Chamber of Commerce and Industry (ICCI) has called upon the government to consider introducing one-time tax amnesty scheme for those Pakistanis who have stashed their money in foreign lands to bring back their undeclared wealth on payment of a nominal amount of tax and become an active part of Pakistan’s formal economy.

Sheikh Pervez Ahmed, Acting President, ICCI said that many wealthy Pakistanis have kept their billions of dollars abroad due to various reasons and offering one-time tax amnesty scheme would incentivize them to bring their undeclared foreign wealth to their home country.

In a statement issued here on Wednesday, the ICCI actin president said with such an incentive, repatriated capital in billions of dollars would enter Pakistan’s financial system and boost economic activities in the country.

He said Pakistan needed huge capital to fund infrastructure and other developmental projects, but with low tax-to-GDP ratio, the country was unable to generate enough tax revenue to enhance spending on health, education, social sector and development projects.

This situation was increasing the country’s reliance on foreign borrowings, which was not good for its economic future.

He was of the view that one-time amnesty would facilitate inflow of huge amount of foreign assets/capital into the country that would help in accelerating economic growth in Pakistan.

Sheikh Pervez Ahmed said that Indonesia has also passed a tax amnesty law to give multi-billion dollars boost to its economy as it believed that the amnesty would bring in billions of dollars of additional revenue by offering low tax rates to those who wished to come forward to declare their untaxed wealth kept in foreign lands.

He said that Pakistan could also benefit by introducing one-time tax amnesty scheme to its citizens because such scheme would enable them to bring their assets, cash back to their homeland and play more active role in the economic development of the country.

He said one-time amnesty scheme would also encourage more investment in the country, create many new jobs and contribute positively to poverty alleviation.

He said with the positive economic outlook of the country, many Pakistanis were ready to declare their foreign assets, cash on payment of nominal tax to become part of the national economy and amnesty scheme would facilitate them in realizing this objective.