$2.2 million lost daily as 600 Iranian trucks stuck at Pakistan border, senate body told

$2.2 million lost daily as 600 Iranian trucks stuck at Pakistan border, senate body told
Commuters ride along a street at Panjgur district in Balochistan province on January 17, 2024. (AFP/File)
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$2.2 million lost daily as 600 Iranian trucks stuck at Pakistan border, senate body told

$2.2 million lost daily as 600 Iranian trucks stuck at Pakistan border, senate body told
  • Pakistan has mandated Iranian transporters to provide bank guarantee equivalent to value of duties, taxes on goods
  • Due to new rules, around 600 Iranian trucks stuck at Pakistan border, costing traders about $100 per day per truck

ISLAMABAD: A representative from Tehran told a Pakistani parliamentary panel this week an estimated daily economic loss of $2.2 million was being caused by Iranian trucks stuck on the border with Pakistan over the past six months due to new customs rules, a press release said. 
Pakistan last year made it compulsory for Iranian transporters to provide a bank guarantee equivalent to the customs duties and taxes imposed on goods being delivered to the National Logistics Corporation (NLC) Dry Port Quetta via Taftan, a border crossing with Iran. Tehran does not demand similar guarantees from Islamabad.
“One of the most pressing issues discussed was the ongoing crisis at the Pakistan-Iran border, where over 600 trucks carrying trade goods have been stuck due to customs officials demanding court orders,” the Senate Standing Committee on Finance said in a press release after its meeting. 
The Iranian representative at the meeting said each truck carried goods worth approximately $11,000 and the delay was costing traders about $100 per day per truck, which ultimately raised the price of goods for consumers. 
“The drop in the number of trucks crossing the border in the past six months has led to an estimated daily economic loss of $2.2 million,” the statement quoted the Iranian official as saying. 
The senate committee would now write a letter to Prime Minister Shehbaz Sharif urging him to take up the matter at the next cabinet meeting.
“This issue has reached a critical point. It is not only a matter of economic losses but also a matter of national pride. The situation is deeply concerning for the country as a whole,”  said Saleem Mandiwalla, the chairman of the committee. 
Pakistan imports from Iran stood at $943.29 million during 2023, according to the United Nations COMTRADE database on international trade. Official figures for current annual trade were not available but local media outlet Business Recorder, citing Iran’s ambassador to Pakistan, last year reported bilateral trade worth over $2 billion.
Earlier this month, Pakistan and Iran signed a memorandum of understanding aimed at increasing bilateral trade volume to $10 billion.
Pakistan and Iran have had a history of rocky relations despite a number of commercial pacts, with Islamabad being historically closer to Saudi Arabia and the United States.
Their highest-profile agreement is a stalled gas supply deal signed in 2010 to build a pipeline from Iran’s South Fars gas field to Pakistan’s southern provinces of Balochistan and Sindh.
Despite Pakistan’s dire need of gas, Islamabad has yet to begin construction of its part of the pipeline, citing fears over US sanctions — a concern Tehran has rejected.
Pakistan said it would seek waivers from the US, but Washington has said it does not support the project and warned of the risk of sanctions in doing business with Tehran.
Despite facing possible contract breach penalties running into the billions of dollars, Islamabad last year gave the go-ahead for construction of an 80-km (50-mile) stretch of the pipeline.


Pakistan, UAE to sign key agreements as Abu Dhabi crown prince arrives for first official visit

Pakistan, UAE to sign key agreements as Abu Dhabi crown prince arrives for first official visit
Updated 45 sec ago
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Pakistan, UAE to sign key agreements as Abu Dhabi crown prince arrives for first official visit

Pakistan, UAE to sign key agreements as Abu Dhabi crown prince arrives for first official visit
  • Sheikh Khaled bin Mohamed bin Zayed Al Nahyan will visit Islamabad with senior officials and businessmen
  • UAE is Pakistan’s third-largest trading partner after China and US and a major source of foreign investment

KARACHI: Pakistan and the United Arab Emirates are expected to sign several memoranda of understanding (MoUs) as Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan arrives on his first official visit to the South Asian country today, Thursday, state media said.

The UAE is Pakistan’s third-largest trading partner after China and the United States and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the Gulf country’s foreign ministry.

Sheikh Al Nahyan will be accompanied by a high-level delegation of ministers, senior officials, and business leaders during his visit to Islamabad.

“At the invitation of PM @CMShehbaz, Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, will embark on his first official visit to Pakistan on Thursday,” state-owned Radio Pakistan said in a social media post on Thursday.

The foreign office announced on Wednesday several agreements and memoranda of understanding would be signed during the visit “to bolster the existing robust framework for long-term collaboration in multifaceted sectors.”
 
The foreign office said the crown prince will engage in wide-ranging interactions with the Pakistani leadership to “exchange views on matters of mutual interest, reinforce historical bonds, and promote economic as well as investment cooperation.”

Pakistan and the UAE have stepped up efforts in recent years to strengthen economic relations. Last year the two countries signed multiple agreements exceeding $3 billion for cooperation in railways, economic zones, and infrastructure development.

The crown prince’s visit comes as Pakistan pursues economic diplomacy with several Gulf and Central Asian nations and treads a tricky path to economic recovery while being bolstered by a $7 billion IMF bailout program. 

Policymakers in Pakistan consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.

It is also home to more than a million Pakistani expatriates, making it the second-largest Pakistani expatriate community worldwide and a major source of foreign workers’ remittances.


Pakistan and Japan hold counterterrorism consultations in Tokyo

Pakistan and Japan hold counterterrorism consultations in Tokyo
Updated 40 min 30 sec ago
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Pakistan and Japan hold counterterrorism consultations in Tokyo

Pakistan and Japan hold counterterrorism consultations in Tokyo
  • The two sides discuss capacity-building initiatives and technology-based security solutions
  • Japan is also Pakistan’s development partner, providing loans, grants and technical assistance

ISLAMABAD: Pakistan and Japan held counterterrorism consultations in Tokyo on Wednesday, focusing on technology use and capacity-building initiatives, according to a statement by the foreign office in Islamabad.
Pakistan and Japan share a multifaceted relationship, with their partnership spanning various sectors, including political collaboration, economic exchange and development assistance.
Their counterterrorism cooperation is primarily centered on intelligence-sharing, capacity-building and financial measures rather than direct military collaboration.
“The 4th Round of Pakistan-Japan Counter-Terrorism Consultations was convened in Tokyo on 26 February 2025,” the foreign office said. “During the discussion, the two sides assessed evolving terrorist threats at national and regional level and reiterated their resolve to combat terrorism in all forms and manifestations.”
“Both sides explored areas for greater bilateral cooperation, including capacity-building initiatives and solutions based on emerging technologies,” it added.
During the discussions, the Pakistani side briefed its counterparts on recent policy measures and enforcement actions, highlighting progress in countering terrorism financing, dismantling militant networks and enhancing border security.
Japan has not faced any major threat from militant groups in recent years, but its citizens have been targeted abroad, including in Pakistan. In April last year, five Japanese autoworkers narrowly survived when their van was targeted by a suicide bomber in Karachi.
Despite such security concerns, trade and investment remain a cornerstone of Pakistan-Japan relations. Additionally, Japan continues to be a significant development partner, providing substantial loans, grants and technical assistance to support Pakistan’s infrastructure and social projects.


IMF team to visit Pakistan next week for $7 bln bailout review

IMF team to visit Pakistan next week for $7 bln bailout review
Updated 27 February 2025
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IMF team to visit Pakistan next week for $7 bln bailout review

IMF team to visit Pakistan next week for $7 bln bailout review
  • IMF team usually spends around two weeks to review fiscal reforms and policy
  • Separate IMF team is visiting Pakistan to discuss around $1 billion in climate financing 

ISLAMABAD: A mission from the International Monetary Fund (IMF) will arrive in Pakistan next week, finance minister Muhammad Aurangzeb said on Wednesday, with a first review of a $7 billion bailout program due in March.

Islamabad secured the $7 billion Extended Fund Facility (EFF) last summer as part of an economic recovery plan.

Pakistan’s economy had stabilized and now needs to focus on an export led growth, the finance minister said.

The IMF team usually spends around two weeks to review fiscal reforms and policy.

A separate IMF team is visiting Pakistan to discuss around $1 billion in climate financing on top of the EFF.

That disbursement will take place under the IMF’s Resilience and Sustainability Trust, created in 2022 to provide long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.


Pakistan government denies ‘pressuring’ Islamabad hotel from holding opposition moot

Pakistan government denies ‘pressuring’ Islamabad hotel from holding opposition moot
Updated 27 February 2025
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Pakistan government denies ‘pressuring’ Islamabad hotel from holding opposition moot

Pakistan government denies ‘pressuring’ Islamabad hotel from holding opposition moot
  • Pakistan PM’s political adviser urges opposition leaders to name the official behind alleged incident
  • Opposition leaders vow to hold the second day of their conference despite any political pressure

ISLAMABAD: Adviser to the Prime Minister on Political and Public Affairs Rana Sanaullah on Wednesday rejected opposition parties’ claims the government had pressured a local hotel in Islamabad against holding a two-day conference of an opposition alliance, urging its leaders to name the official who may have reached out to the hotel management.
The conference followed opposition parties forming a grand alliance under the banner of Tehreek-i-Tahaffuz-i-Ayeen-i-Pakistan (TTAP) — or the Movement for the Protection of the Constitution of Pakistan — after jailed former premier Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party’s failed negotiations with the government. The talks were meant to secure the release of political prisoners along with the formation of judicial commissions to probe two major anti-government protests by PTI that turned violent.
Earlier, during a press conference outside a local hotel in the capital, opposition leaders from the PTI, including Omar Ayub Khan, Asad Qaiser, and Salman Akram Raja, along with former PM Shahid Khaqan Abbasi and Pashtunkhwa Milli Awami Party chief Mahmood Khan Achakzai, alleged that the government was pressuring the hotel administration to cancel their booking.
“Which hotel person said the government told them not to allow the conference to take place?” Sanaullah asked during a talk show on Geo TV.
“Tell me who was it who did not allow [the hotel to host the conference]. Which person from the government? Which minister? Which officer said no?“
Sanaullah urged the opposition leaders to tell the truth instead of hurling allegations at the government.
“If anyone called and told the hotel to not to allow the conference to take place, tell us, we will contact that person,” he said, highlighting that the opposition leaders knew the government had not issued any such directive.
Meanwhile, on the same TV show, Abbasi said the government was afraid of the conference since it had not been properly elected in the last general elections.
He vowed that the opposition alliance would continue with the second day of the conference today, Thursday, from 10am onwards.
 


Pakistan capable of defending itself, PM Sharif says on anniversary of downing of Indian fighter jet

Pakistan capable of defending itself, PM Sharif says on anniversary of downing of Indian fighter jet
Updated 27 February 2025
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Pakistan capable of defending itself, PM Sharif says on anniversary of downing of Indian fighter jet

Pakistan capable of defending itself, PM Sharif says on anniversary of downing of Indian fighter jet
  • Six years ago, Indian government claimed to have launched a surgical strike in Pakistan near Balakot city
  • In retaliation, Pakistan launched Operation Swift Retort, downing an Indian MiG-21 and capturing its pilot

ISLAMABAD: Prime Minister Shehbaz Sharif said on Thursday Pakistan was fully capable of defending its territorial integrity, marking the sixth anniversary of Operation Swift Retort, during which the country’s air force shot down an Indian fighter jet that had entered Pakistani airspace.
On February 27, 2019, Indian fighter jets crossed into Pakistani territory, claiming to have carried out a surgical strike against what New Delhi alleged was a militant training camp near Balakot city. The incursion came in response to a suicide bombing in Indian-administered Kashmir earlier that month, which killed 40 Indian paramilitary personnel, though Pakistan had condemned the development.
In retaliation, Pakistan’s air force launched Operation Swift Retort, downing an Indian MiG-21 and capturing its pilot, Wing Commander Abhinandan Varthaman, who was later returned to India as a peace gesture. The episode sharply escalated tensions between the nuclear-armed neighbors, bringing them to the brink of a full-scale conflict.
“Six years ago, on February 27, 2019, Pakistan’s Air Force delivered a clear message to the enemy that Pakistan possesses the full capability to defend its borders,” Sharif said in a statement released by his office.
“Through Operation Swift Retort, Pakistan’s Air Force demonstrated its military prowess and unshakable resolve to safeguard the homeland, sending a clear signal that the Pakistan Armed Forces are fully capable of countering any aggression,” he added.
The prime minister lauded the valor, professionalism and sacrifices of Pakistan’s armed forces, emphasizing the country remains committed to peaceful coexistence but will not hesitate to respond to any threat to its national security and stability.
“Pakistan has always strived to promote regional peace, but whenever an attempt was made to undermine our national security and stability, the entire nation stood united like an iron wall,” he said.
Later in 2019, Pakistan and India downgraded diplomatic relations after New Delhi revoked the special constitutional status of Jammu and Kashmir, further straining ties between the two South Asian rivals.