World

By H.E. Aftab Ahmad Khokher The people and Government of Austria are set to mark the Austrian National Day on 26 October 2021. This day is a landmark in Austrian history as the Austrian Parliament passed the constitutional law on permanent neutrality of Austria on 26 October 1955. Despite its small size and population, Austria has an advanced and highly industrialized economy. Due to its geography - it is a landlocked country in Central Europe - and history, Austrian diplomatic and economic relations remains largely focused on its immediate neighbours including Germany, Italy, Switzerland and Hungary. Engagement with the broader EU zone is also a priority.   Pakistan and Austria established diplomatic relations in 1956 and ha...

October 26, 2021 at 5:50 pm | Economic Affairs

AgenciesBEIJING, Oct. 25— China placed a city of four million under lockdown on Tuesday in a bid to stamp out a domestic coronavirus spike, with residents told not to leave home except in emergencies.Rrestrictions announced as China reported 29 new domestic infections -- including six cases in Lanzhou, the provincial capital of northwestern province Gansu.Officials in Lanzhou said the "entry and exit of residents" would be strictly controlled and limited to essential supplies or medical treatment."All types of residential communities are to implement closed management," authorities said in a statement.The latest rules come on top of strict stay-at-home orders imposed on tens of thousands in northern China, with access to tourist sites al...

October 26, 2021 at 5:41 pm | Economic Affairs

By HE Shujjat Ali Rathore Spain and Pakistan have a history of warm and cordial relations marked by shared perceptions on a broad range of regional and international issues. At present, more than 100,000 members of the Pakistani diaspora reside in Spain. This, coupled with the vast political, trade and tourism ties, makes Spain one of Pakistan's oldest and increasingly important partners. The year 2021 marks the 70th anniversary of the establishment of diplomatic relations between the Kingdom of Spain and the Islamic Republic of Pakistan. Most recently, we commemorated this through a musical performance “Soniche´” (fusion of jazz, flamenco and Pakistani music) that was organized in August 2021 in collaboration with Casa Asia (Sp...

October 25, 2021 at 8:47 pm | Economic Affairs

October 25,2021Dhaka(Press Release)High Commissioner for Pakistan, Mr. Imran Ahmed Siddiqui called on Hon. Prime Minister of Bangladesh, Sheikh Hasina earlier today. This was his second meeting with Hon. Prime Minister Hasina since his arrival last year.The High Commissioner conveyed Prime Minister Imran Khan’s message of goodwill and friendship to Hon. Prime Minister Sheikh Hasina and the people of Bangladesh. Prime Minister Hasina reciprocated her good wishes for the leadership and people of Pakistan. The High Commissioner thanked Hon. Prime Minister for her support in implementing his diplomatic mandate in Bangladesh. The two sides agreed to further promote bilateral relations between the two countries. The High Commissioner presented...

October 25, 2021 at 8:37 pm | Economic Affairs

October 25, 2021Rawalpindi(ISPR)H.E Ms Wendy Gilmour, Canadian High Commissioner to Pakistan called on General Qamar Javed Bajwa , Chief of Army Staff (COAS) at GHQ, today.During the meeting matters of mutual interest, bilateral cooperation in various fields, overall regional situation and peace & stability in the Afghanistan were discussed. COAS said that Pakistan desires to maintain the tradition of bilateral engagement and wish for long term & multi-domain enduring relationship with Canada. COAS reiterated that there is a need for global convergence on Afghanistan to avoid humanitarian crisis together with coordinated efforts for economic uplift of the Afghan people.The visiting dignitary appreciated Pakistan’s role in Afghan ...

October 25, 2021 at 6:52 pm | Economic Affairs

October 24,2021New YorkOn the occasion of United Nations Day and the commemoration of the 76th Anniversary of the United Nations, I warmly congratulate the UN community on behalf of Pakistan.The United Nations was established 76 years ago to maintain international peace and security and promote the economic and social development of all nations.The U.N Charter prescribed strict adherence to the principles of non-use of force, self-determination of people, respect for state sovereignty and territorial integrity, and non-interference in their internal affairs.In the past 76 years, peace was not universally achieved. But a devastating Third World War was avoided and regional conflicts were contained, largely through general adherence to the U...

October 24, 2021 at 11:40 pm | Economic Affairs

October 24, 2021Islamabad ( Press Release) Foreign Minister Shah Mehmood Qureshi said Pakistan joins the international community today in celebrating the 76th Anniversary of the founding of the United Nations (UN). In a statement issued by him on the UN Day he said as the most representative inter-governmental organisation, the UN is best placed to address the common issues faced by humanity including the contemporary triple challenge of the COVID-19 pandemic, the accompanying economic crisis, and the threats posed by climate change. Inspired and guided by the vision of our founding father, Quaid-e-Azam Muhammad Ali Jinnah, Pakistan has always upheld the principles of the UN Charter. We have maintained a firm and abiding commitment to m...

October 24, 2021 at 7:31 pm | Economic Affairs

Rawalpindi (EA Report)Pakistan is celebrating the United Nations Day amidst the admiration of the world leaders due to it's contribution to the international peace keeping efforts.Pakistan is observing this day with the overwhelming feelings of the pride and honor on it's rich history and tradition to the UN peace keeping missions. Whereas it is also worth mentioning here that the global leaders admired time to time Pakistan's lions share in the peace keeping efforts of the UN. We can share some glimpses hereUn Secretary General ban Ki Moon said" I sense great confidence and hope here today. But the feelings that overwhelms me is gratitude: gratitude as the United Nations Secretary General and gratitude as a global citizen for what Pakista...

October 24, 2021 at 12:12 pm | Economic Affairs

AgenciesBeijing, Oct. 18 — China’s economy hit its slowest ebb of growth in a year in third quarter, hurt by power shortages, supply chain bottlenecks and major wobbles in the property market.Data released on Monday showed gross domestic product (GDP) grew 4.9% in July-September from a year earlier, the weakest clip since the third quarter of 2020 and missing forecasts.The world’s second-largest economy is facing several major challenges, including the China Evergrande Group debt crisis, ongoing supply chain delays and a critical electricity crunch, which sent factory output to its weakest since early 2020, when heavy COVID-19 curbs were in place.“The domestic economic recovery is still unstable and uneven,” said National Bureau ...

October 18, 2021 at 10:56 am | Economic Affairs

October 12, 2021Islamabad (Press Release) Foreign Secretary Sohail Mahmood received Mr. Tomas Anker Christensen, Climate Ambassador of the Ministry of Foreign Affairs of Denmark, here on Wednesday. The Foreign Secretary outlined Pakistan’s perspective on addressing the critical issue of Climate Change. He highlighted the various steps taken by Pakistan to tackle Climate Change at the national level including through the Eco-System Restoration Initiative, 10 Billion Tree Tsunami project, Electric Vehicle policy, and transition towards clean and renewable sources of energy.  Potential areas of bilateral cooperation between Pakistan and Denmark were also discussed during the meeting in order to forge structured engagement between ...

October 13, 2021 at 11:05 am | Economic Affairs

AgenciesWashington, Oct. 13 — U.S. House of Representatives gave final approval on Tuesday to a Senate-passed bill, temporarily raising the government’s borrowing limit to $28.9 trillion, putting off the risk of default at least until early December.Democrats, who narrowly control the House, maintained party discipline to pass the hard-fought, $480 billion debt limit increase by 219-206. The vote was along party lines, with every yes from Democrats and every no from Republicans.President Joe Biden is expected to sign the measure into law this week, before Oct. 18, when the Treasury Department has estimated it would no longer be able to pay the nation’s debts without congressional action.Republicans insist Democrats should take respon...

October 13, 2021 at 11:03 am | Economic Affairs

October 11,2021Islamabad ( Press Release) As part of the "Wear a mask, protect Pakistan” campaign, WHO Representative in Pakistan, Dr. Palitha Mahipala visited Girl Guide HQs to promote preventive health measures and also celebrated "International Day of Girl Child" with girls.  With reference to International Day of Girl Child,” Dr Mahipala remarked, "Girl child’s health is the WHO priority. We need to put a collective and concerted effort into improving the wellbeing and health of girls. COVID-19 posed a huge challenge, especially for girls and young women. There is a need to increase their engagement in issues that affect their health and their futures.”  WHO team distributed masks ...

October 11, 2021 at 9:40 pm | Economic Affairs

AgenciesWASHINGTON, Oct. 11— Debt burden of world's low-income countries rose 12% to a record $860 billion in 2020 as countries responded to the COVID-19 crisis with massive fiscal, monetary, and financial stimulus packages, the World Bank said in a report released Monday.World Bank President David Malpass said the report showed a dramatic increase in the debt vulnerabilities facing low- and middle-income countries and called for urgent steps to help countries reach more sustainable debt levels."We need a comprehensive approach to the debt problem, including debt reduction, swifter restructuring and improved transparency," Malpass said in a statement accompanying the new International Debt Statistics 2022 report."Sustainable debt levels ...

October 11, 2021 at 9:35 pm | Economic Affairs

AgenciesTOKYO, Oct. 11 — Oil prices extended on multiweek gains again on Monday, shows no sign of easing amid supply restraint from major producers.Brent crude was up $1.20 cents, or 1.5%, at $83.59 a barrel by 0414 GMT, after gaining nearly 4% last week. US oil was up $1.51, or 1.9%, at $80.86 a barrel, the highest since late 2014. US crude rose 4.6% through Friday.Energy crisis sweeping the world is raising the prospect of a difficult winter to come as heating demand rises.Prices have risen as more vaccinated populations are brought out of lockdowns, supporting a revival of economic activity, with Brent advancing for five weeks and US crude for seven.Coal and gas prices have also been surging as economies recover, making oil more attra...

October 11, 2021 at 12:14 pm | Economic Affairs

AgenciesHONG KONG, Oct. 9 —Hong Kong authorities issued third highest storm signal early Saturday, shutting down transport networks, schools and offices as Tropical Storm Lionrock lashed the northern South China Sea.The city’s weather observatory raised its No. 8 storm warning signal at 6.40am (1040 GMT) local time and said it would likely remain in place through the morning.Lionrock combined with surging northern monsoon winds and heavy rain on Friday to batter the city, with one female construction worker killed when scaffolding collapsed in the Happy Valley suburb.

October 9, 2021 at 10:46 am | Economic Affairs

AgenciesChina said on Saturday pressed United States to eliminate tariffs in talks between the countries’ top trade officials that Washington saw as a test of bilateral engagement between the world’s biggest economies.The virtual talks between U.S. Trade Representative Katherine Tai and China's Vice Premier Liu He follow Tai's announcement on Monday that she would seek "frank" talks and hold China to its commitments under a "Phase 1" trade deal negotiated by former President Donald Trump.“Chinese side negotiated over the cancellation of tariffs and sanctions, and clarified its position on China’s economic development model and industrial policies,” China’s Xinhua state news agency said after the talks, held on Friday Washington...

October 9, 2021 at 10:36 am | Economic Affairs