Centre okays bilateral investment treaty talks with Saudi Arabia and Qatar

The federal cabinet has approved holding the Bilateral Investment Treaty  (BIT) negotiations with Saudi Arabia and Qatar.

The cabinet, which met with Caretaker Prime Minister Anwarul Haq Kakar in the chair on Wednesday, gave its nod following the recommendation of the Investment Board.

Upon the proposal of the Ministry of Trade, the cabinet sanctioned the constitution of a committee with regard to the hearing of appeals against orders of Trade Organizations Regulators, exemption and flexibility in the provisions of Import Policy Order 2022 and Export Policy Order 2022.

The minister for trade would act as convener of the committee whereas ministers for law and planning would be the other members.

On the recommendation of the Federal Board of Revenue (FBR), the cabinet okayed a 40 per cent tax on windfall profit earned by banks on foreign exchange transactions during the calendar year of 2021-22.

It approved amendments to Hajj Policy 2024 under which the government and private unutilized sponsorship schemes quota would be returned to the Saudi government.

As per the Saudi laws, a foolproof monitoring system over the financial arrangements of Hajj group organizers would be enforced whereas under the new Hajj policy, the children below the age of 10 years would be able to perform the rites.

For the pilgrims above the age of 80 years, conditions for keeping an assistant/helper would be relaxed, however, Hajj group organizers would enter into agreements with the pilgrims in this regard, enabling them to enlist services of local supporters during their stay in Saudi Arabia.

The condition would be inserted in the agreement for the provision of services and its violation would lead to the imposition of a fine and black listing of relevant Hajj group organizers.

The meeting also sanctioned a reduction in the hardship Hajj quota. A total of 50 per cent quota of hiring local supporters would be dedicated to those Pakistani students who are studying in different universities in Saudi Arabia and their deployment would be made as welfare staff.

The federal cabinet, upon the recommendation of the interior ministry, also approved the inclusion of the Democratic Republic of Congo, Malawi, Zambia, Zimbabwe and Kyrgyz Democrat in the business visa list.

It also allowed the removal of the names of 18 persons from the Exit Control List (ECL) placing 9 other names in the list on the advice of the interior ministry.

On the recommendation of the Ministry of Kashmir Affairs and Gilgit Baltistan, it approved Jammu and Kashmir State Property Budget for the fiscal year 2023-24. For the current year, its budget is earmarked at Rs267.590 million.

The meeting approved the signing of the Hong Kong International Convention 2009 for the safe and environmentally sound recycling of ships and the preparation of a draft Instrument of Accession in this regard on the suggestion of the Ministry of Maritime Affairs. Under the convention, Pakistan would legislate the recycling of ships and training would be imparted to the relevant staff, besides enhancing their capacity.

Moreover, for the disposal of any hazardous wastes/materials in the recycling process, the availability of the relevant technological instruments would be ensured. The safety of labourers linked with the recycling industry would be ensured.

It would hugely benefit the ship recycling industry in Pakistan. Upon the advice of the Cabinet Secretariat, the federal cabinet also granted an exemption to the Trading Corporation of Pakistan from the Rules 8, 13, 35, 38 and 40 of the Public Regulatory Authority Rules 2004, for the procurement of 200,000 metric tons of urea from the international market