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India-US trade pact first phase likely by mid-July
India and US set to finalize first phase of bilateral trade deal by mid-July after positive talks, aiming for preferential access and cooperation.
"PREFERENTIAL" · 총 16건
필터 보기현재 지수
50.3
0 = 부정 우세
50 = 중립
100 = 긍정 우세
최근 7일 기준 81,069건을 분석한 결과, 뉴스 심리지수는 50.2(균형)입니다. 긍정 3,965건(4.9%)·중립 75,195건(92.8%)·부정 1,909건(2.4%)이며, 중립 비중이 뚜렷하게 높습니다. 성향 지수는 종합 14.6(중도 균형)입니다.
India and US set to finalize first phase of bilateral trade deal by mid-July after positive talks, aiming for preferential access and cooperation.
India and the US are making rapid progress towards resolving the remaining issues in their proposed interim trade arrangement, with both countries expected to implement the first phase of the agreement by the middle of next month, Goyal said.
The shares of Vodafone Idea sharply surged nearly 7% to a new 52-week high of Rs 15.09 apiece on the NSE on Wednesday, even as the Sensex and Nifty crashed, as multiple tailwinds boosted investor sentiment for the telecom major.The stock has rallied 46% in one month and a whopping 121% in one year. The company currently has a market capitalisation of more than Rs 1.62 lakh crore.ICRA upgrades Vodafone Idea’s rating, revises outlookRatings agency ICRA upgraded Vodafone Idea’s rating to A- from its earlier BBB rating and revised its outlook on the company’s long-term fund-based loans worth Rs 727 crore to ‘Stable’ from ‘Positive’. ICRA said that the rating upgrade was driven by a change in rating approach for Vodafone Idea to factor in support from promoter Aditya Birla Group, which was further strengthened with the re‑appointment of Kumar Mangalam Birla as the Chairman of the board and with the proposed equity infusion of approximately Rs 4,730 crore through a preferential allotment of warrants to a promoter group entity in May 2026. “These developments reflect strong confidence in Vi’s potential and long-term growth trajectory. The Aditya Birla Group has expressed its continued support to Vodafone Idea to ensure timely debt servicing and to ensure continuity of operations and improvement in its market position. The Aditya Birla Group has been consistent in providing operational and financial support to Vi and will continue to do so going forward. Further, the Group’s brand equity and market position provided Vi with assistance in Government engagement and higher financial flexibility,” it added.ICRA also highlighted the revision of Vodafone Idea’s adjusted gross revenue (AGR) dues. In May, the Department of Telecommunications (DoT) cut Vodafone Idea's AGR dues by 27% to Rs 64,046 crore as of December 31. This revision significantly alleviates the company’s liability burden and enhances cash flow visibility, the ratings agency said, adding that these will provide a push to the telco’s capex plans.Citi removes ‘High Risk’ rating on Vodafone Idea sharesCiti removed its 'High Risk' rating on the stock and raised its target price to Rs 17, implying an upside potential of more than 20% from the previous closing price. In its latest note, Citi Research changed its rating on Vodafone Idea shares to ‘Buy’ from ‘Buy-High Risk’, citing several tailwinds, including the government’s recent reassessment of AGR dues, rating upgrades, equity infusion by the Aditya Birla Group, and other factors into consideration.The brokerage, however, flagged key risks to its bullish view, including delays in bank funding, intensifying competition that could limit future tariff hikes, continued subscriber churn, and slower-than-expected growth in 4G and 5G users.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
The Trump administration has proposed a new punitive tariff of 25 per cent on many imports from Brazil, after deciding its practices were unfair on a range of issues from digital trade to illegal deforestation, top trade official Jamieson Greer said late on Monday. The measures, under the Section 301 trade statute, cover areas such as electronic payment services, preferential tariffs, intellectual property protection and ethanol market access as well, the Office of the United States Trade...
European Union (EU) top diplomat Kaja Kallas on Monday said the bloc sought stability in the region, adding that it was in everyone’s interest for the ongoing war in the Middle East to end and for the Strait of Hormuz to remain open. Kallas, who serves as vice-president of the European Commission and the EU high representative for foreign affairs and security policy, is visiting Pakistan at the invitation of Deputy Prime Minister and Foreign Minister Ishaq Dar to participate in the 8th round of the EU-Pakistan Strategic Dialogue, which was held earlier today. In an interview on the Geo News programme ‘Capital Talk’, Kallas said, “This is in everybody’s interest that this war is stopped and the Strait of Hormuz is opened. We are paying a very high price. There are a lot of things dependent on the Strait of Hormuz.” During the appearance on the show, she commended Pakistan for being a mediator between the United States and Iran, bringing all the parties together, adding that, “Eventually, the [warring] parties have to decide.” “Everybody is hoping that the first phase of this agreement is signed, so the talks on the difficult topics like nuclear can be started,” she said. Kallas added that the EU seeks stability in the region. “The problems of our neighbour today could be the problems for us tomorrow. We are all very interlinked.” She called the Strait of Hormuz a “chokepoint”, mentioning that the EU was also looking forward to diversifying its trade routes and supply chain. “You cannot remain dependent on a single route.” When asked if she sees any parallels between Russia’s war against Ukraine and Israeli actions in Gaza and Lebanon, she replied: “I see parallels in all these crises undermining international law. We have the UN Charter, which is very clear: you can’t attack another country; you have to respect another country’s sovereignty and territorial integrity. No one should be above the law.” Talking about the renewal of Pakistan’s GSP+ status, Kallas said, “We discussed it with our counterparts today. The preferential access to our markets is also conditional.” “It is true that we have a report coming up in July, and then the question of renewing this preference,” she added. “However, the conventions have to be adopted, particularly on human rights issues, where we need to see improvements.” She elaborated that the renewal process goes through the EU Parliament. “The EU Parliament is always scrutinising, and we have been raising these issues on what more can be done to improve the situation,” she said. When asked whether the EU was satisfied with Pakistan’s legislation to meet the conditions, she said: “Our counterparts are mentioning what they are doing in various files, but this is something where we clearly need to see improvements.” “We are putting forward some very concrete questions. Hopefully, there is time for improvement in those areas, and then we can renew this scheme easily,” she concluded.
Prime Minister Shehbaz Sharif on Monday met the European Union’s (EU) top diplomat, Kaja Kallas, at the PM House, where he reaffirmed Pakistan’s commitment to cooperation with the EU and thanked EU leadership for its strong support for Pakistan’s peace efforts in the Gulf region. Kallas, who serves as vice-president of the European Commission and the EU high representative for foreign affairs and security policy (HR/VP), is visiting Pakistan at the invitation of Deputy Prime Minister and Foreign Minister Ishaq Dar. According to a statement by the Prime Minister’s Office (PMO), the premier said that Pakistan was keen to further strengthen its multifaceted partnership with the EU. Deputy Prime Minister and Foreign Minister Ishaq Dar, Law Minister Azam Nazeer Tarar, Attorney General of Pakistan (AGP) Mansoor Usman Awan, Special Assistant to the Prime Minister (SAPM) Tariq Fatemi and other senior officials were also present, the statement said. PM Shehbaz expressed satisfaction at the 8th round of the EU-Pakistan Strategic Dialogue held earlier today. “The prime minister reaffirmed Pakistan’s commitment to enhancing cooperation with the EU in key areas including trade and investment, climate change, security, migration, sustainable development, and connectivity,” the statement said. In this regard, it added, he highlighted the important role of GSP+ in ensuring stronger trade ties between Pakistan and the EU. Discussions also focused on the regional and international situation, with the premier thanking the EU leadership for its strong support for Pakistan’s efforts for peace in the Middle East. He said that Dar and Chief of Defence Forces Asim Munir were playing a “crucial role” in these efforts. He especially called on the international community, including the EU, to work collectively to ensure lasting peace in the region, the PMO said. It added that he shared Pakistan’s perspective on the regional situation in South Asia, as well as on Afghanistan, with Kallas, also conveying his best wishes to EU Council President Antonio Costa and EU Commission President Ursula von der Leyen and reiterating his invitations to both leaders to visit Pakistan soon. Kallas “appreciated the role played by Pakistan for regional peace and conveyed the EU’s strong interest in deepening strategic engagement with Pakistan”, the statement said. ‘Important partner’ Kallas, earlier today, termed Pakistan a major regional power and an important partner of the EU as the two sides held a strategic dialogue in Islamabad. She co-chaired the dialogue with Dar, which is the highest-level platform for structured discussion between the two sides. Addressing a joint press conference, Kallas said, “Pakistan is a major regional power and an important partner for the European Union. “Today, in our strategic dialogue, we affirmed our shared commitment to strengthening EU-Pakistan ties even further,” she stated. Kallas noted that her visit came at an “important moment”, adding that the “world and this region have experienced profound changes” since the two sides met in November last year. Kallas pointed out that the EU remained “by far Pakistan’s largest export destination”, adding that it was larger than the US and China combined. She further said Pakistan was the “world’s leading beneficiary” of the EU’s Generalised Scheme of Preferences Plus (GSP+). At the same time, Kallas stressed: “But GSP+ has clear conditions. Continued preferential access to the EU market depends on progress in implementing the international conventions underpinning the scheme. “This includes good governance, environmental protection and particularly, labour and human rights. We look to Pakistan to demonstrate tangible progress on these issues.” Kallas said Pakistan and the EU were deepening cooperation on a wide range of issues, including climate resilience, digital infrastructure, clean energy, migration and mobility. She remarked that people-to-people links were also an “important part” of the partnership. “I’m also impressed that Pakistan tops the EU’s global Erasmus Mundus Scholarships rankings again, the fifth year in a row,” she said. Providing details of the dialogue, the visiting diplomat said she and Dar exchanged views on “pressing global developments, including in the Middle East”. Noting Pakistan was the “main mediator” between the US and Iran, Kallas told Dar: “Your diplomatic efforts have helped prevent a return to full-blown war on several occasions and these efforts are much recognised and appreciated across Europe.” She added, “With your support, there is now a tenuous diplomatic opening to extend the ceasefire and reopen the Strait of Hormuz. Yet, any temporary understanding between the US and Iran must be followed by deeper talks about Tehran’s nuclear stockpile and other critical issues. “Lasting stability will require more encompassing solutions,” she emphasised, affirming that the EU was ready to contribute to a sustainable and peaceful solution. “We bring economic leverage, hard-won nuclear expertise, long-standing relationships with partners across the Gulf and direct engagement with Iran itself,” Kallas said. “I see a concrete role for the EU in helping to make any eventual agreement durable, whether through maritime operations, economic incentives that support long-term stability or other issues.” The EU diplomat also noted that Pakistan had been “locked in a conflict with Afghanistan”, adding that the fighting in recent weeks had “grave humanitarian consequences and also risks fuelling further instability and radicalisation”. “This is why we have constantly called on both sides to exercise restraint and de-escalation. Pakistan has the right to defend itself and its people in line with the international law,” she said. Speaking at the joint press conference, Dar termed Kallas’s visit a “significant milestone” in Pakistan-EU bilateral relations. Dar said that the gap between the last EU-Pakistan dialogue in November 2025 and this one was “probably in our history the minimum between any two states”. He noted that the last visit by the EU high representative took place in 2019, followed by “virtually no visits for seven years”. Therefore, he added, Kallas’s visit “signifies the growing momentum in EU-Pakistan partnership”. He noted that the EU high representative has remained his “frequent interlocutor”, adding that their candid exchanges reflected the trust between Pakistan and the EU. “We have been constantly in touch during the last year’s India-Pakistan war and so are we in touch during the regional conflict between the US and Iran,” Dar said. “We believe that the EU as an institution embodies the universal ideals of peace, diplomacy, democracy and commitment to human rights,” he said, affirming that Islamabad remained committed to constructive engagement with the EU and its member states. During the dialogue, Dar said, both sides took stock of progress made on cooperation under the sectors outlined in the Strategic Engagement Plan (SEP) 2019, including trade, investment, development, human rights, and rule of law, migration and mobility, and security and counterterrorism. Dar further noted that the EU was among Pakistan’s major trading partners, with a trade volume of €12 billion. “Pakistan-EU trade cooperation under the GSP+ framework is a win-win template,” the deputy PM remarked. “Our discussions today focused on further enhancing bilateral trade and investment ties between the EU and Pakistan,” Dar reiterated, detailing that both sides also assessed the “first-ever Pakistan-EU Business Forum in April as a welcome development”. Dar expressed hope that the business forum could become a “regular feature” of Pakistan-EU ties. He said the two also held an “in-depth” discussion on regional and global issues, which included the “US-Iran conflict, the security situation in South Asia, Afghanistan, Europe and the Middle East”. At this, Dar expressed appreciation to the Kallas for the EU’s “appreciation and support” to Pakistan’s efforts in the US-Iran conflict. “We are humbled by the recognition of our efforts and will continue to work towards finding a comprehensive and lasting solution to the conflict,” Dar told Kallas. On India-occupied Kashmir, Dar said he “apprised her excellency of our concerns regarding unprovoked Indian aggression and Pakistan’s principal position on the Jammu and Kashmir dispute, advocating for its resolution according to the wishes of the Kashmiri people in line with UN Security Council resolutions”. He also briefed the EU high representative on Pakistan’s position on the Indus Water Treaty (IWT), recalling the May 15 supplemental award by the Permanent Court of Arbitration (PCA). “Pakistani position on IWT stands vindicated after the court of arbitration’s supplemented award in the IWT proceedings arising from the Ratle and Kishanganga hydroelectric plant disputes. “The award affirms Pakistan’s central position that the treaty places substantive limits on India’s water control capability on the western rivers,” Dar emphasised. The two sides also discussed security issues, particularly the terrorist threat that Dar said was emanating from the Afghan soil, stressing that the continued attacks remained a “top concern” for Pakistan. Dar said that he also urged the need for the “strengthening multilateralism and consistent adherence to the fundamental principles of the UN charter”. He outlined the need “to address the existing and emerging international challenges in an effective and credible manner”. Shifting his attention back to relations with the EU, Dar said that the two sides had reaffirmed their “resolve to transform these relations into a comprehensive and mutually beneficial partnership”. Concluding his remarks, Dar voiced optimism that the Kallas’s visit will be “one of the many” she will undertake to Pakistan in the future. ‘Considerable untapped potential in cooperation’ During their meeting, Dar and Kallas “acknowledged the positive trajectory of Pakistan-EU ties and agreed to further strengthen the mutually beneficial partnership”, the FO said. “The two leaders also exchanged views [on] regional and global developments, ahead of the 8th Pakistan-EU Strategic Dialogue which is being held subsequently,” it added. In opening remarks before the dialogue, Dar said, “We have a great relationship with the EU; there is a great history. Pakistan sees considerable untapped potential in our cooperation.” He noted, “We have a number of areas where we can work together, particularly trade and many other areas.” Dar stressed the need to maintain a frequency of six months’ gap in strategic dialogues, as was the case between the current and the last dialogue. “We hold deep appreciation for the EU leadership and your engagement, particularly,” Dar said. He added that he and Kallas remained in touch on various matters, including the Pakistan-India conflict last year and the ongoing US-Iran war. “We keep exchanging notes and you have been very kind,” Dar remarked. “I think this interaction is very welcome,” he added. Dar mentioned an EU “strategic vision, which aims at providing long-term direction and strategic cooperation toward partnership”. “Building upon the Strategic Engagement Plan (SEP) 2019 and Cooperation Agreement 2004, the proposed vision seeks to elevate our engagement into a more comprehensive and forward-looking framework,” he stated. He added that the “vision document can serve as an important foundation for deepening political understanding, expanding sectoral cooperation and strengthening institutional linkages between Pakistan and the EU”. Dar highlighted that the continuation of the strategic dialogue “demonstrates our shared resolve to impart greater momentum to Pakistan-EU relations and to shape a forward-looking partnership”. He remarked that the two sides had “great discussions” in the restricted meetings. The deputy PM expressed the hope that European Commission President Ursula von der Leyen would find some time to visit Pakistan, as there was a standing invitation from the prime minister. In her opening remarks, Kallas welcomed the “strong momentum for EU-Pakistan trade relations”. “EU remains by far Pakistan’s largest export destination, and I was surprised to hear that it’s actually more than the US and China combined, so we really are your market,” the diplomat pointed out. Kallas said: “This is really showing that the partnership is not only commercially significant, but it’s also a driver of growth. And beyond trade and investment, there are areas where we can explore the deepening of our ties, when it comes to resilience building, climate, digital infrastructure, and migration mobility. “These are investments in long-term partnership and really looking forward to our discussions today about the regional but also global developments and how we can develop our relationship even further.” Kallas also commended Dar on “facilitating the talks between the US and Iran”. “It is a conflict that is having an impact on everybody and the world when it comes to the energy prices, prices of fertilisers, and so this is really what we need to see — the ceasefire really holding and the talks continuing,” she stressed. Kallas mentioned Dar’s “consistent” invitations to her to visit Pakistan. “As you know, in these calendars there are too few days, but we found this day and I’m happy that we are here,” she said. The visiting diplomat said the “momentum of 2026 is to develop EU-Pakistan relations into a more forward-looking footing”. She added: “We have this contested geopolitical environment, rising tensions everywhere and real risk of escalation and like we were discussing, we also share the priorities when it comes to the rules-based international order that we need to develop further. “We are working towards global and regional stability, which is in both of our interests. We also promote free and fair trade and investment, and advance sustainable connectivity.” Earlier in the day, Kallas was welcomed at the Ministry of Foreign Affairs by Dar and other officials. ‘Multidimensional partnership with EU’ According to the FO, Kallas’s visit reflects the growing momentum in high-level political exchanges and both sides’ commitment to further strengthening their multifaceted partnership. “Pakistan deeply values its long-standing, multidimensional partnership with the European Union, which is anchored in shared values, robust economic cooperation, and a mutual commitment to multilateralism,” the FO said. Kallas will also hold meetings with President Asif Ali Zardari, Prime Minister Shehbaz Sharif and Chief of Defence Forces and Chief of the Army Staff Field Marshal Asim Munir, the EU said. The FO confirmed that she was set to meet Pakistan’s “senior leadership”, including the president and the premier. The EU is Pakistan’s second-largest trading partner, with the GSP+ status allowing the country to enjoy duty-free or minimum duty on European exports. The status was granted by the EU in 2014, with the European Parliament unanimously voting in October 2023 to extend it until 2027 for developing countries, including Pakistan. According to the EU, GSP+ status is a special incentive awarded to developing countries to “pursue sustainable development and good governance” in exchange for cutting import duties to zero on two-thirds of the tariff lines of its exports. Governments with this status need to implement 27 international conventions on human rights, labour rights, good governance and the environment. Though it has the status, EU Ambassador to Pakistan Raimundas Karoblis said last November that the country needs to “do better” to fulfil its obligations, specifically on blasphemy, enforced disappearances and minority rights. In December 2025, the EU welcomed certain steps taken by Pakistan towards implementing international conventions under the GSP+ framework, while also reiterating the “need for further reforms in the medium and long term”.
India's commerce minister Piyush Goyal and Oman's ambassador to India Issa Saleh Al Shibani marked the occasion by flagging off the first consignments availing preferential tariff benefits under the pact, including agriculture and gems and jewellery exports from Mumbai, Kolkata and Chennai.
The European Union’s (EU) top diplomat, Kaja Kallas, on Monday termed Pakistan a major regional power and an important partner of the EU as the two sides held a strategic dialogue in Islamabad. Kallas, who serves as vice-president of the European Commission and the EU high representative for foreign affairs and security policy (HR/VP), is visiting Pakistan at the invitation of Deputy Prime Minister and Foreign Minister Ishaq Dar. Both co-chaired the 8th EU-Pakistan Strategic Dialogue, which is the highest-level platform for structured discussion between the two sides. Addressing a joint press conference, Kallas said, “Pakistan is a major regional power and an important partner for the European Union. “Today, in our strategic dialogue, we affirmed our shared commitment to strengthening EU-Pakistan ties even further,” she stated. Kallas pointed out that the EU remained “by far Pakistan’s largest export destination”, adding that it was larger than the US and China combined. She further said Pakistan was the “world’s leading beneficiary” of the EU’s Generalised Scheme of Preferences Plus (GSP+). At the same time, Kallas stressed: “But GSP+ has clear conditions. Continued preferential access to the EU market depends on progress in implementing the international conventions underpinning the scheme. “This includes good governance, environmental protection and particularly, labour and human rights. We look to Pakistan to demonstrate tangible progress on these issues.” ‘Considerable untapped potential in cooperation’ During their meeting, Dar and Kallas “acknowledged the positive trajectory of Pakistan-EU ties and agreed to further strengthen the mutually beneficial partnership”, the FO said. “The two leaders also exchanged views [on] regional and global developments, ahead of the 8th Pakistan-EU Strategic Dialogue which is being held subsequently,” it added. In opening remarks before the dialogue, Dar said, “We have a great relationship with the EU; there is a great history. Pakistan sees considerable untapped potential in our cooperation.” He noted, “We have a number of areas where we can work together, particularly trade and many other areas.” Dar stressed the need to maintain a frequency of six months’ gap in strategic dialogues, as was the case between the current and the last dialogue. “We hold deep appreciation for the EU leadership and your engagement, particularly,” Dar said. He added that he and Kallas remained in touch on various matters, including the Pakistan-India conflict last year and the ongoing US-Iran war. “We keep exchanging notes and you have been very kind,” Dar remarked. “I think this interaction is very welcome,” he added. Dar mentioned an EU “strategic vision, which aims at providing long-term direction and strategic cooperation toward partnership”. “Building upon the Strategic Engagement Plan (SEP) 2019 and Cooperation Agreement 2004, the proposed vision seeks to elevate our engagement into a more comprehensive and forward-looking framework,” he stated. He added that the “vision document can serve as an important foundation for deepening political understanding, expanding sectoral cooperation and strengthening institutional linkages between Pakistan and the EU”. Dar highlighted that the continuation of the strategic dialogue “demonstrates our shared resolve to impart greater momentum to Pakistan-EU relations and to shape a forward-looking partnership”. He remarked that the two sides had “great discussions” in the restricted meetings. The deputy PM expressed the hope that European Commission President Ursula von der Leyen would find some time to visit Pakistan, as there was a standing invitation from the prime minister. In her opening remarks, Kallas welcomed the “strong momentum for EU-Pakistan trade relations”. “EU remains by far Pakistan’s largest export destination, and I was surprised to hear that it’s actually more than the US and China combined, so we really are your market,” the diplomat pointed out. Kallas said: “This is really showing that the partnership is not only commercially significant, but it’s also a driver of growth. And beyond trade and investment, there are areas where we can explore the deepening of our ties, when it comes to resilience building, climate, digital infrastructure, and migration mobility. “These are investments in long-term partnership and really looking forward to our discussions today about the regional but also global developments and how we can develop our relationship even further.” Kallas also commended Dar on “facilitating the talks between the US and Iran”. “It is a conflict that is having an impact on everybody and the world when it comes to the energy prices, prices of fertilisers, and so this is really what we need to see — the ceasefire really holding and the talks continuing,” she stressed. Kallas mentioned Dar’s “consistent” invitations to her to visit Pakistan. “As you know, in these calendars there are too few days, but we found this day and I’m happy that we are here,” she said. The visiting diplomat said the “momentum of 2026 is to develop EU-Pakistan relations into a more forward-looking footing”. She added: “We have this contested geopolitical environment, rising tensions everywhere and real risk of escalation and like we were discussing, we also share the priorities when it comes to the rules-based international order that we need to develop further. “We are working towards global and regional stability, which is in both of our interests. We also promote free and fair trade and investment, and advance sustainable connectivity.” Earlier in the day, Kallas was welcomed at the Ministry of Foreign Affairs by Dar and other officials. ‘Multidimensional partnership with EU’ According to the FO, Kallas’s visit reflects the growing momentum in high-level political exchanges and both sides’ commitment to further strengthening their multifaceted partnership. “Pakistan deeply values its long-standing, multidimensional partnership with the European Union, which is anchored in shared values, robust economic cooperation, and a mutual commitment to multilateralism,” the FO said. Kallas will also hold meetings with President Asif Ali Zardari, Prime Minister Shehbaz Sharif and Chief of Defence Forces and Chief of the Army Staff Field Marshal Asim Munir, the EU said. The FO confirmed that she was set to meet Pakistan’s “senior leadership”, including the president and the premier. The EU is Pakistan’s second-largest trading partner, with the GSP+ status allowing the country to enjoy duty-free or minimum duty on European exports. The status was granted by the EU in 2014, with the European Parliament unanimously voting in October 2023 to extend it until 2027 for developing countries, including Pakistan. According to the EU, GSP+ status is a special incentive awarded to developing countries to “pursue sustainable development and good governance” in exchange for cutting import duties to zero on two-thirds of the tariff lines of its exports. Governments with this status need to implement 27 international conventions on human rights, labour rights, good governance and the environment. Though it has the status, EU Ambassador to Pakistan Raimundas Karoblis said last November that the country needs to “do better” to fulfil its obligations, specifically on blasphemy, enforced disappearances and minority rights. In December 2025, the EU welcomed certain steps taken by Pakistan towards implementing international conventions under the GSP+ framework, while also reiterating the “need for further reforms in the medium and long term”. More to follow
Sarthak Sidhant, 17, claimed several discrepancies in the tender process that pointed towards preferential treatment of a particular service provider.
• 1pc advance tax removal may bring a meagre Rs100bn relief • Textile sector pushes for broader reforms, refunds, and lower energy costs • 68pc tax burden eroding competitiveness; industry demands restoration of Final Tax Regime SLAMABAD: The government is considering abolishing the one per cent advance tax on exporters in the upcoming federal budget, a move that could provide relief of around Rs100 billion. However, no broader fiscal support for the struggling sector is currently on the table. Officials familiar with the budget discussions told Dawn on Friday that the proposal is under active consideration as part of limited, targeted measures for the export industry, particularly the textile sector, which has been pressing for wide-ranging reforms. The 1pc advance tax, charged on export proceeds, has long been criticised by exporters as a liquidity-draining measure that ties up working capital despite thin margins and delayed refunds. Industry data showed that exporters alone had paid nearly Rs200bn in excess on account of 1pc advance income tax during FY25 and FY26. “This is essentially returning a fraction of what has already been collected,” said a leading exporter, pointing to the cumulative burden of taxes, high energy costs, and blocked refunds that continue to constrain operations. The textile sector, which accounts for the bulk of Pakistan’s exports, submitted a comprehensive set of proposals ahead of the budget, including the restoration of the Final Tax Regime (FTR), a reduction in energy tariffs, clearance of over Rs327bn in pending refunds, and the revival of export incentives. However, sources indicated that most of these demands are unlikely to be accommodated in the upcoming budget, which remains constrained by revenue targets and ongoing stabilisation commitments. Industry data place Pakistan at a significant disadvantage in terms of effective taxation. Exporters face an estimated burden of over 68.27pc, exceeding regional competitors. By contrast, Vietnam maintains a corporate tax rate of around 20pc, Bangladesh ranges from 22.5 to 27.5pc, and India applies a graduated structure from 26 to 34pc. These comparatively lower and more predictable regimes enable exporters in competing countries to retain margins and reinvest in capacity expansion. The gap indicates that Pakistan’s taxation framework is not only higher but also more complex, with multiple levies contributing to the cumulative burden. Exporters pointed out that the advance tax is particularly burdensome because it is applied at the point of transaction, regardless of profitability, effectively increasing the cost of doing business in an already high-tax environment. The proposed relief of Rs100bn, while significant in absolute terms, is modest when viewed against the sector’s liquidity requirements and accumulated tax payments. Energy pricing emerges as one of the most critical constraints. Industrial electricity tariffs in Pakistan stand at approximately 11.5 cents per kilowatt-hour, compared to 6.3 cents in India, 8 cents in Vietnam, and as low as 5 cents in Uzbekistan. Gas prices show an even sharper divergence, with Pakistan at about $13.5 per mmBtu versus $6 to $7 in India and Vietnam and around $3 in Uzbekistan. In addition to higher tariffs, Pakistan faces supply reliability issues, whereas countries such as China and Vietnam offer stable supply along with preferential industrial tariffs. The combined effect is a substantial increase in production costs, directly affecting export competitiveness. Indirect taxation Pakistan’s indirect tax regime is characterised by a uniform 18pc GST on both inputs and finished goods, with refund delays extending from months to several years. In contrast, regional competitors apply differentiated rates and efficient refund systems. Bangladesh applies reduced or zero-rated value-added tax (VAT) on export inputs, India operates a structured GST system with refunds typically processed within two to four weeks, while Vietnam and China offer near-immediate or automated refund mechanisms. This divergence creates a liquidity disadvantage for Pakistani exporters, as working capital remains tied up in delayed refunds. Pakistan Textile Exporters Association (PTEA) Patron-in-Chief Khurram Mukhtar, in a statement, said Pakistan’s export sector and the entire textile value chain are unfortunately fighting against a mindset that appears bent on penalising the very ecosystem that earns foreign exchange, creates jobs and sustains documented economic activity. The harsh reality today is that the more exporters grow, the more they are burdened. In many cases, the more you export, the more you lose, he said. The government’s own documented figures reveal that the shift from the FTR to the Normal Tax Regime (NTR) has resulted in an estimated additional revenue extraction of approximately Rs90bn. Exporters should have the option to remain under FTR or to voluntarily opt for NTR. This was perhaps one of the rare moments in Pakistan’s history when the entire textile chain converged on a concrete and balanced proposal. Unfortunately, even this unified recommendation does not appear to be receiving serious consideration, he added. The Export Facilitation Scheme (EFS) was one of the few excellent reforms introduced in recent years. It was fully digitalised, bringing transparency and efficiency to the system. However, the exclusion of domestic commerce from EFS significantly increased the burden on exporters and disrupted the integrated textile value chain, he remarked. “We have repeatedly stressed that the super tax should be abolished in a phased manner along with Minimum Turnover Tax (MTR), inter-company dividend taxation and taxation on bonus shares, particularly when bonus shares are a non-cash item and do not represent actual income generation”, he said. Similarly, exporters proposed a progressive GST framework: raw materials may be taxed at 5pc, fabrics at 10pc, and finished products at the standard GST rate, thereby ensuring that primary revenue collection occurs at the finished product stage rather than trapping capital throughout the manufacturing chain. Published in Dawn, May 30th, 2026
Wall Street's main indexes hit record closing highs on Friday and posted weekly and monthly gains as Dell results drove tech shares higher, while investors awaited details on a potential U.S.-Iran deal. President Donald Trump said in a social media post that he would make a final decision on the Iran deal on Friday. Tehran earlier said it was looking for action, not words, when it came to an agreement.Dell surged after raising its full-year profit and revenue forecasts on Thursday. The tech sector climbed, fueled by gains in chip stocks.Peers Hewlett Packard Enterprise and Super Micro Computer gained. Microsoft climbed.The software services index also advanced.Earlier in the session, all three indexes hit intraday record highs, cruising on renewed optimism around AI and strong earnings growth, despite concerns about the Iran war's impact on inflation and the global economy.According to preliminary data, the S&P 500 gained 16.11 points, or 0.21%, to end at 7,579.74 points, while the Nasdaq Composite gained 53.74 points, or 0.20%, to 26,971.21. The Dow Jones Industrial Average rose 363.48 points, or 0.72%, to 51,032.45.EARNINGS-DRIVEN RALLY"There's definitely euphoric sentiment in the market around AI. The rally has really been driven by earnings," said Ohsung Kwon, chief equity strategist at Wells Fargo.He suggested investors buy and hold AI stocks, then earn extra income by selling call options at prices much higher than the current stock price.Melissa Brown, head of investment decision research at SimCorp, said over the past few weeks volume has gone up, which suggests more people are coming into the market.The S&P 500 was on track for a ninth consecutive weekly gain, its longest winning streak since December 2023.The S&P 500 communications services sector dropped, as Alphabet declined. Consumer staples shares were weak with heavyweights Costco and Walmart both down.The S&P automaker index dropped after reports the Trump administration wants North American-built vehicles to have 82% regional content to qualify for preferential treatment under the U.S.-Mexico-Canada Agreement.Shares of General Motors and U.S.-listed shares of Stellantis fell. U.S. economic data on Thursday showed inflation increased at its fastest pace in three years in April, while GDP for the first quarter was revised lower to a 1.6% annual rise. The Fed's Kansas City President Jeffrey Schmid warned the energy shock may not be temporary. Vice Chair for Supervision Michelle Bowman said a persistent rise in inflation might require tighter monetary policy.Money markets expect the Federal Reserve to keep interest rates steady for the rest of the year, with expectations of a 25-basis-point hike in December. Among other movers, Gap shares tumbled after the apparel retailer cut its annual sales forecast, while American Eagle Outfitters dropped after keeping its annual comparable sales forecast unchanged.
Bakytzhan Sagintayev said the EAEU is systematically expanding its network of preferential agreements
The shares of Ranbir Kapoor-backed Prime Focus gained over 2% to their day's high of Rs 247.40 on the BSE on Friday after the post-production and visual effects company reported a consolidated net profit of Rs 82 crore for the fourth quarter of FY26, as against a net loss of nearly Rs 231 crore in the same quarter of FY25.Sequentially, the net profit grew more than 16% from the Rs 71 crore reported in the third quarter of FY26. Profit before tax and exceptional items, however, declined nearly 29% YoY to Rs 88 crore in Q4 FY26 from Rs 123 crore in Q4 FY25.Revenue from operations, meanwhile, jumped more than 42% year-on-year (YoY) to Rs 1,375 crore during the January-March quarter of FY26, from Rs 967 crore in the corresponding quarter of the previous financial year.Prime Focus saw its total expenses rise nearly 26% YoY to Rs 1,262 crore during the quarter under review, while total income increased around 20% YoY to Rs 1,350 crore. The company’s earnings per share (EPS) rose to Rs 1.14 in Q4 FY26 from a negative Rs 7.70 in the year-ago period, after exceptional items.Insolvency plea against Prime FocusThis comes after the Mumbai bench of the National Company Law Tribunal (NCLT) earlier in May orally pronounced admission of an insolvency petition against Prime Focus filed by Reliance Alpha Services under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition relates to an alleged financial debt of Rs 353.79 crore, including interest.Prime Focus disputed the claim, saying no amount was ever disbursed under the 2019 loan agreement cited in the petition and argued that the petitioner therefore does not qualify as a “financial creditor” under the IBC. The company said that it has already approached the National Company Law Appellate Tribunal (NCLAT) seeking urgent relief, including a stay on the operation of the order.Later NCLAT ordered a stay on the order, which was challenged in the Supreme Court. The company announced on Wednesday that the apex court has dismissed the appeal against the stay.Founded by Namit Malhotra in 1997, Prime Focus has grown into a global leader in visual effects and post-production. Its subsidiary, Double Negative (DNEG), has won multiple Academy Awards for work on films such as TENET, Dune: Part One, and Dune: Part Two, bringing its Oscar tally to eight.The group is also producing Ramayana, a two-part adaptation directed by Nitesh Tiwari and backed by Namit Malhotra. The film, starring Ranbir Kapoor, Yash and Sai Pallavi, is being positioned as one of the most ambitious and expensive Indian film projects to date.Prime Focus share pricePrime Focus shares have delivered 116% returns over one year. The stock has however fallen around 24% in one month and 1% in one week to close at Rs 239.85 apiece on NSE on Wednesday. In the longer term, the shares of the company have gained 162% in three years and 287% in five years.The company has a market capitalisation of more than Rs 18,639 crore. The stock has been in focus in recent months after reports of actor Ranbir Kapoor investing between Rs 15–20 crore in Prime Focus Studio through a preferential issue of shares.The company had earlier approved the issuance of over 46 crore shares, with Kapoor among the proposed allottees aiming to acquire about 12.5 lakh shares, although independent verification of the final allotment has not yet been confirmed.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Nikolay Gaponenko said that gas prices could rise far beyond the current preferential level, potentially reaching European market quotations
Under the 2013 agreement signed between Armenia and Russia, Moscow supplies Yerevan with gas, petroleum products, and rough diamonds duty-free and on preferential terms for domestic consumption
Dmitry Peskov stressed that Russia remains a reliable and responsible energy supplier throughout the country, and especially to its closest allies and partners