Iran and Pakistan are keen to promote trade and economic activities between the two countries. It was suggested from the Iran that Preferential Trade Agreement (PTA) between the two countries signed several years ago must be activated. Iranian power companies could provide $ 1.5 billion worth 5,000 megawatt electricity to Pakistan for which the two governments need to negotiate a deal.

The United States and Gulf oil producers have joint hands to launch a new high level economic dialogue with a focus on adjusting to lower oil prices, economic ties and supporting GCC reforms. The world’s biggest oil exporter, and its petroleum-rich neighbors have been forced to cut subsidies and adopt other measures to deal with deficits caused by plunging oil prices, which make up the bulk of their revenues.

Habib Bank Limited (HBL) and the China Development Bank (CDB) signed a $500 million accord, the first such agreement between a Chinese and a Pakistani bank under which medium- and long-term foreign currency financing will be provided to a local financial institution. Under the agreement, the CDB will provide $300m to HBL for long-term financing of energy projects in Pakistan and $200m for offshore working capital financing needs.

The European Union has agreed to start free trade talks with Indonesia for the improvement of economic ties with Asian countries. The comprehensive economic partnership (CEPA), envisaged since 2011, would liberalize trade in goods and services and open up investment and procurement markets with the largest economy in the Association of South East Asia Nations (ASEAN). The EU has reached free trade deals with Singapore, Vietnam and South Korea as it seeks to sign deals with the 10-member ASEAN on a country-by-country basis, a strategy that is strongly supported by Britain.

The Lahore Chamber of Commerce and Industry (LCCI) and British Business Centre signed a memorandum of understanding (MoU) aimed at expansion of trade and economic ties. The MoU aims to encourage, promote and facilitate an effective cooperation in the areas of trade, investment, technology and related economic and industrial activities by establishing effective communication between member companies of the two organizations with particular reference to the private sector.

Muzaffer Miraj Khawaja assumed the charge of Chairman, Punjab Board of Investment and Trade. Mr. Khawaja, on assuming his new charge said “Pakistan has attracted over 15 billion US dollars in Foreign Direct Investment since 2008. The incentives under the present business climate as well as the results of CPEC initiative are well poised to generate new businesses alliances, investment opportunities and lucrative trade deals.