ISLAMABAD: Pakistan and Belarus have agreed to strengthen agricultural and food-sector cooperation by facilitating online business-to-business (B2B) engagements between companies from the two countries. The understanding was reached during a meeting between Federal Minister for National Food Security and Research Rana Tanveer Hussain and Belarusian Deputy Minister of Agriculture and Food Yakovchits Aleksander. The discussions focused on expanding bilateral trade, improving business-to-business connectivity and creating new opportunities for cooperation in agriculture and food-related sectors. Under the proposed initiative, businesses and relevant organisations from Pakistan and Belarus will be encouraged to participate in online B2B meetings. The sessions are expected to connect exporters, importers and other industry stakeholders and help them explore potential commercial partnerships. The two countries identified a number of products with potential for increased bilateral trade, including seafood, citrus fruits, mangoes, fruit puree, potatoes, seeds and dairy products. Greater business connectivity in these areas could help companies explore new markets and diversify trade opportunities. Focus on Agricultural Exhibitions Pakistan and Belarus also agreed to encourage greater participation by businesses and agricultural stakeholders in food exhibitions, trade fairs and other industry events held in both countries. Such events will provide companies with opportunities to showcase their products, establish business contacts, develop partnerships and explore investment opportunities. The initiative is also expected to help strengthen direct commercial links between businesses operating in the agricultural and food sectors. The two sides further agreed to facilitate reciprocal visits by agricultural trade and business delegations. These exchanges are aimed at encouraging investment, sharing technical expertise and identifying areas where companies and institutions from both countries can work together. Cooperation in Fish Farming The meeting also discussed prospects for cooperation in fisheries, particularly fish farming and aquaculture. Both sides agreed to promote the exchange of knowledge, technology and best practices in the sector. Cooperation in this area could support the adoption of modern aquaculture techniques while providing opportunities for technical collaboration and investment. The initiative is expected to contribute to the development of more efficient fish-farming practices and strengthen cooperation between relevant institutions and businesses in Pakistan and Belarus. Proposal for Agricultural Machinery Testing Centre During the meeting, Rana Tanveer Hussain proposed the establishment of a universal agricultural machinery testing facility or centre at the Pakistan Agricultural Research Council (PARC), with financial and technical assistance from Belarus. The proposed centre would provide a platform for testing agricultural machinery and assessing its suitability for use in Pakistan’s farming sector. The Belarusian side took note of the proposal and agreed to examine the initiative further. As part of the process, the two sides agreed to conduct a detailed assessment of the proposed facility. This will include identifying the machinery and equipment required for the centre and evaluating locations suggested by Pakistan for establishing machinery testing stations. Pakistan and Belarus also agreed to facilitate exchange visits by highly qualified technical experts by the end of 2026. The visits are expected to help specialists assess technical requirements, exchange expertise and explore practical mechanisms for implementing the proposed cooperation. Pakistan Seeks Practical Outcomes Rana Tanveer Hussain emphasised the need to transform bilateral cooperation into practical commercial, technological and institutional results. He said Pakistan was interested in expanding its engagement with Belarus in emerging areas of agriculture and food security, while creating greater opportunities for farmers, businesses, investors and technical experts. The minister highlighted the importance of stronger institutional and private-sector linkages to ensure that agreements between the two countries translate into tangible economic benefits. Both sides expressed satisfaction with the growing cooperation between Pakistan and Belarus and reaffirmed their commitment to expanding collaboration in agriculture, food trade, fisheries, technology and agricultural machinery.

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called on the National Electric Power Regulatory Authority (Nepra) to consult industry representatives before making any changes to the Incremental Package for industrial electricity consumers. The business community has warned that revising the package without taking major industrial stakeholders into confidence could create market distortions, undermine the intended benefits of the scheme and potentially transfer additional costs to industries that do not qualify for incremental consumption incentives. In post-hearing comments submitted to Nepra on August 12, 2026, FPCCI said the regulator had already directed that the proposed changes to the Incremental Package should first be presented to and discussed with industry representatives before being brought back for approval. The federation welcomed the direction, describing meaningful stakeholder participation as essential for developing a workable electricity pricing mechanism for industrial consumers. FPCCI highlights delayed review FPCCI also raised concerns over the failure to conduct the package’s scheduled quarterly review. According to the federation, the Incremental Package was specifically designed to undergo a review every three months. However, no review had been conducted for approximately eight months. The federation said the prolonged delay had created uncertainty for industrial consumers and prevented the timely identification and correction of issues within the package. FPCCI urged Nepra to immediately carry out the overdue review and ensure that the quarterly review mechanism is followed consistently in the future. The federation argued that regular reviews were particularly important because industrial electricity consumption, production conditions and operating costs can change significantly over time. Major industry bodies seek participation FPCCI requested Nepra to formally engage leading industry organisations before the next hearing on the proposed revision. The organisations named by the federation include the Karachi Chamber of Commerce and Industry (KCCI), Korangi Association of Trade and Industry (KATI), All Pakistan Textile Mills Association (APTMA), as well as other major chambers and industrial associations. FPCCI said the participation of these organisations would allow the regulator to understand the practical challenges faced by different categories of industrial consumers. It stressed that the revised package should be based on actual industrial requirements and should not discriminate against existing consumers who are unable to qualify as incremental users. Warning against cost shifting The federation expressed concern that changes to the package could result in an unintended transfer of costs to non-incremental industrial units. FPCCI said any revised mechanism should ensure that incentives provided to additional electricity consumption do not create a financial burden for other consumers. It also called for clear safeguards to ensure that only genuine incremental electricity consumers receive the benefits of the package. According to the federation, the regulator should introduce mechanisms capable of preventing existing consumption from being presented as new or incremental demand merely to obtain preferential electricity rates. FPCCI maintained that a transparent verification system would be necessary to protect the integrity of the package and prevent potential misuse. Requests submitted to Nepra In its submission, FPCCI made a series of requests to the power regulator. The federation asked Nepra to formally consult FPCCI, KCCI, KATI, APTMA and other major industry bodies before the next hearing. It also requested the authority to provide sufficient advance notice of the date and time of any consultation, along with an online meeting link, so that FPCCI could coordinate participation by relevant chambers, associations and industrial representatives. The federation further sought a formal opportunity to present detailed recommendations on the proposed redesign of the Incremental Package. It called for safeguards restricting benefits to genuine incremental units and urged Nepra to immediately conduct the quarterly review that has remained pending for the past eight months. FPCCI also proposed making consultation with major industrial chambers and associations mandatory before any future revision or review of the Incremental Package or similar electricity pricing schemes. Invitation to power-sector institutions In a further effort to promote direct dialogue, FPCCI invited Nepra, the Power Planning and Monitoring Company (PPMC) and the Central Power Purchasing Agency-Guaranteed (CPPA-G) to visit its head office in Karachi. The federation proposed holding detailed discussions with the relevant institutions in the presence of industry representatives. FPCCI said direct engagement would provide an opportunity for all stakeholders to examine the existing mechanism, identify practical shortcomings and develop solutions based on actual operating conditions in the industrial sector. It maintained that consultation could help bridge the gap between regulatory objectives and the realities faced by industrial consumers. Industry seeks predictable power policy The dispute over the Incremental Package comes amid continued concerns among industrial consumers over electricity costs, competitiveness and the predictability of power-sector policies. For export-oriented and energy-intensive industries, electricity pricing is a major component of production costs. Business representatives have therefore repeatedly called for stable and transparent tariff mechanisms that allow companies to plan production and investment decisions. FPCCI said any changes to the Incremental Package should balance the objective of increasing electricity consumption with the need to maintain fairness among different categories of industrial consumers. The federation believes that a properly designed package, supported by regular reviews and meaningful industry consultation, could encourage additional industrial electricity consumption without imposing unintended costs on existing consumers.

Asian stock markets opened higher on Monday, taking cues from Wall Street’s latest gains after weaker-than-expected US employment data reduced expectations of an immediate increase in borrowing costs. However, rising oil prices and uncertainty surrounding developments in the Gulf limited the overall optimism in financial markets. Investors were also closely monitoring the situation around the Strait of Hormuz, a crucial route for global energy supplies, after Iran said discussions over the reopening of the strategic waterway were nearing an agreement. Iran announced on Sunday that negotiations with Oman on establishing new shipping routes through the Strait of Hormuz had reached their final stages. Tehran, however, maintained that normal traffic through the waterway would resume only after the United States fulfilled additional conditions. The uncertainty surrounding the route kept pressure on crude markets. Brent crude futures increased 0.9% to $84.32 a barrel, while US West Texas Intermediate crude gained 0.7% to $78.74 per barrel. The latest increase in energy prices has added another layer of uncertainty for investors ahead of the release of US inflation figures. US Inflation Data in Focus Market participants are now turning their attention to the US consumer price index report scheduled for Wednesday. Economists are expecting headline consumer inflation to rise by 0.1%, while core inflation, which excludes food and energy costs, is projected to increase by 0.2%. A stronger-than-expected inflation reading could revive concerns that the Federal Reserve may be forced to keep interest rates higher for longer and potentially consider another rate increase at its September meeting. Michael Feroli, chief US economist at JPMorgan, said his forecast for core inflation at 0.22% would probably not be sufficient on its own to trigger a rate increase in September. However, he cautioned that repeated monthly increases close to 0.3% could change the outlook. Feroli also highlighted the possibility of a rebound in prices of core goods after they declined for two consecutive months, saying this would be an important factor for markets to monitor. Expectations for a September rate increase have weakened significantly in recent days. Futures markets now indicate roughly a 44% probability of a rate move in September, compared with about 67% a week earlier. Asian Equities Follow Wall Street Higher The decline in expectations for an immediate increase in US interest rates helped US Treasury bonds rally on Friday and supported a strong performance by Wall Street equities. The positive momentum carried into Asian trading on Monday. Japan’s Nikkei index climbed 0.6%, while South Korea’s benchmark market gained 0.5%. MSCI’s broad index of Asia-Pacific shares excluding Japan also advanced 0.3%, reflecting improved investor sentiment across regional markets. The gains came as traders continued to assess the impact of softer US employment data on the Federal Reserve’s monetary policy outlook. Lower expectations for interest-rate increases generally support equities because cheaper financing conditions can encourage investment and improve corporate earnings prospects. European Markets Show Caution European markets were less enthusiastic, with futures pointing to modest declines at the start of trading. EUROSTOXX 50 futures and Germany’s DAX futures each slipped 0.1%, while FTSE futures were down 0.4%. In the United States, S&P 500 futures declined 0.1%, while Nasdaq futures remained largely unchanged. The subdued futures performance followed a particularly strong week for US technology stocks, with the Nasdaq gaining around 5% amid a series of encouraging corporate earnings reports. Strong Corporate Earnings Support US Stocks Corporate earnings have remained a major source of support for US equities. According to analysts at Bank of America, nearly 90% of companies in the S&P 500 had reported their results, with earnings per share rising approximately 30% year-on-year after excluding investment gains recorded by Alphabet and Amazon. The proportion of companies exceeding earnings expectations also remained unusually strong. Around 76% of reporting companies beat analysts’ earnings-per-share estimates, matching the highest level recorded since 2021. Artificial intelligence-related businesses continued to stand out among the strongest performers. Bank of America analysts said companies linked to AI had recorded median earnings-per-share growth of around 28%, compared with approximately 12% for businesses without a direct AI connection. However, analysts expect the pace of AI-related earnings growth to moderate in the coming quarter, with consensus forecasts pointing to growth of around 16%. Investors will have fewer major earnings releases to digest this week, although several important technology companies are scheduled to report results. These include semiconductor manufacturer Applied Materials, networking equipment company Cisco and cloud infrastructure provider CoreWeave. Bond Yields and Dollar Remain in Focus In the bond market, the yield on the benchmark 10-year US Treasury note edged slightly higher to 4.673%. Investors are also preparing for approximately $125 billion in new US government debt issuance during the week, which could influence Treasury yields and broader financial-market conditions. The recent decline in bond yields, combined with improving appetite for riskier assets, has placed pressure on the US dollar. The euro remained close to a seven-week high at around $1.1557. Meanwhile, the dollar was little changed against the Japanese yen at approximately 157.85. Currency traders remain cautious about the possibility of intervention by Japanese authorities if the yen weakens further. Japan has previously expressed concern over sharp and rapid movements in its currency, particularly when excessive weakness threatens to increase import costs. Gold Holds Near Record Levels Gold also remained firmly supported as lower bond yields improved the appeal of the non-interest-bearing precious metal. Spot gold was trading around $4,342 an ounce after recording a gain of more than 7% during the previous week. The metal continues to benefit from a combination of factors, including expectations surrounding US monetary policy, movements in Treasury yields, currency fluctuations and geopolitical uncertainty. With investors awaiting US inflation data and closely watching developments around the Strait of Hormuz, markets are likely to remain sensitive to changes in energy prices and interest-rate expectations in the days ahead.