Pakistan, Romania to boost trade

The commission will hold its meeting once in a year alternately in Islamabad and Bucharest. - File photo

ISLAMABAD, Sept 12: Pakistan and Romania have decided to set up a joint commission to explore new avenues of bilateral economic cooperation and develop proposals for cooperation between government institutions of the two countries.

Secretary Economic Affairs Division Abdul Wajid Rana and Romanian Ambassador in Pakistan Emilian Ion signed an agreement here on Monday to formally institutionalise the joint economic commission.

EU compromise package for tariff cuts

The EU had approved a raft of time-bound trade concessions for Pakistan to help it recover from the recent flood disaster. File Photo

The European Union has considerably watered down its proposed time-bound scheme of tariff cuts for Pakistan to clinch a deal from its member states with strong textile industries. 

The final package of trade concessions that has emerged after a compromise between its supporters and opponents, say Pakistani textile exporters, would have a “dampening effect on the possible export growth” to Europe because of the newly agreed quantitative restrictions on duty-free import of some top textile products from the country.

EU to support food security in Pakistan

The Rabi package distribution is a part of the 40 Million Euros Food Facility Project which aims at combating the rising food prices in Pakistan. — File Photo

ISLAMABAD: The Europe-Aid Director for Asia and Central Asia, Dirk Meganck vows that European Union will continue its support for combating rising food prices and ensuring food security in Pakistan.

“Pakistan is a great country, a great nation with a great potential and a large population but it is also a country affected by big problems, big calamities while the greatest calamity has been the recent floods. The ones who have suffered the highest in this country are those living in the rural areas amounting 60 to 70 per cent of the population and the people living in these rural areas contribute greatly to the economy,” he said while addressing a large gathering of small-scale farmers belonging to Farmer Interest Groups at Village Karsal in district Chakwal.

Europe, IMF launch ‘urgent’ Irish rescue mission

A pedestrian passes a newsstand on O'Connell Street in central Dublin. Ireland came under intense pressure to request aid over its debt crunch in what the European Council’s president called a “survival crisis” for the euro zone and the wider European Union. –Reuters Photo/Cathal McNaughton

BRUSSELS: Europe and the International Monetary Fund announced Tuesday the launch of an urgent mission to Dublin to finalise emergency support for Ireland’s devastated banking sector.

The arrival of experts from the European Commission, the European Central Bank and the IMF represents a further blow to Irish hopes it can ride out its debt crisis alone, although Dublin has yet to accept money.

It underlines fears among euro partners for the broader stability of the soon-to-be 17-nation currency area, after a bottomless banking bailout pushed Ireland’s public deficit beyond 30 per cent of output this year.