Pakistan

KARACHI: Exporters and analysts fear that the EU-India Free Trade Agreement (FTA) will pose serious challenges to Pakistan’s export base and hurt its textile exports. An office-bearer of a traders’ association said India “has now opened an economic front”, after facing defeat on the battlefield, by signing trade deals with several countries and the European Union. Saquib Fayyaz Magoon, chairman of the Businessmen Panel Progressive (BMPP) and vice president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), cautioned that the agreement could erode Pakistan’s competitive edge in European markets. Despite Pakistan’s GSP Plus status, which allows duty-free access for nearly 80 per cent of its exports to the EU, the country’s textile exports stand at $6.2 billion, marginally ahead of India’s $5.6bn exports even though the latter faces a 12 per cent tariff. “Once India secures zero-rated access under the EU deal, Pakistan’s advantage will vanish and our exports could suffer a severe blow,” Saq...

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Amid uncertainty about Pakistan’s participation in the upcoming T20 World Cup, Iceland has quipped that its team is unavailable to replace the Green Shirts in the tournament. Pakistan is expected to make a final decision by next week, over the cricket team’s participation in next month’s Twenty20 World Cup, keeping open the possibility of a boycott over Bangladesh’s withdrawal from the tournament. Amid the uncertainty, Iceland Cricket had earlier quipped that it needed Pakistan to decide on its participation soon, saying they were “ready to take off”. It is worth mentioning that Iceland is not a member of the International Cricket Council. However, on Thursday, Iceland Cricket’s X account — known for its wisecracks — said: “It is with a heavy heart that we now announce our unavailability to replace Pakistan in the upcoming T20 World Cup. “Regardless of whether they [Pakistan] now withdraw, the short timescales ensure it is impossible for our squad to prepare in the professional manner necessary to compete eff...

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Cold wave to intensify across country from Feb 1

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