The Engineering Export Promotion Council (EEPC) has helped exporters generate business worth around $50 million at its buyer-seller meeting held recently in Calcutta. There were 44 buyers from all the Saarc countries. The Indian side was represented by about 260 participants from the engineering sector. According to EEPC chairman PK Shah, member-countries of regional group allow duty-free movement of goods within their territories in consequence of which the access of products of other countires out of these groups are adversely hit. Likewise, exports to the North American Free Trade Area (Nafta) from other developing countries are not growing because of this reason. These developments in the international trade scenario have virtually forced the south Asian countries to group themselves withing the framework of Saarc for safeguarding their interests. Following the success of the buyer-seller meet, Shah said in a statement that as a follow up measures toincrease trade in this region, EEPC will organise a India-only engineering exhibition in Colombo sometime during March 2000. This will help create awareness about India's technological advancement.

UAE, Pakistan gas MoU

The United Arab Emirates' Offsets Group (UOG) is due on Tuesday to sign a preliminary agreement that will supply Pakistan with gas under a venture involving several Gulf Arab states, a source close to the project said. ``It will be signed on Tuesday,'' the source close to the venture called Dolphin Gas project told Reuters. The project will initially send one billion cubic feet per day of Qatari gas to Pakistan, the source close to Dolphin said. The first gas supplies to Pakistan are scheduled for around the year 2005, the source said. The UOG plans to take piped gas from Qatar's massive north field to Abu Dhabi to meet the burgeoning demand in the Emirate and nearby Dubai and export the surplus by a separate pipeline to Oman. It also plans to build a subsea pipeline to supply gasto Pakistan.

UP sets up mineral fund

The Uttar Pradesh government has set up mineral development fund for financing and accelerating mineral development research work in the state. The fund would be set up by utilising income receipt of minerals, minister of state for industrial development, Kunwar Fateh Bahadur Singh, said in Lucknow on Tuesday. He said 5 per cent of the amount received under the head of `non-coal royalty' would be deposited in this fund every year. A six-member committee headed by the industrial development commissioner had been constituted for the approval of the proposals received for mineral development. He said the government would encourage private sector in the field of mineral development.

China blasts EU over packaging

China on Tuesday lashed out at the European Union for tightening quarantine measures on Chinese imports in wood packaging, saying the ruling would adversely affect exports valued at some $7 billion. ``China's commodities are already waiting inports and there is no time to meet the new standard within the grace period of only 10 days,'' foreign ministry spokeswoman Zhang Qiyue told a news conference. The June 1 directive instructed EU member nations to adopt new inspection standards for wood packaging used for exports shipped from China. The announcement allowed a 10-day grace period and came in reaction to threats from the tree-eating Asian long-horned beetle.

Cobalt seen rallying

Cobalt prices were expected to continue rallying amid low stocks in the Japanese market, although transactions were limited as players waited for more information on supply prospects, traders said on Tuesday. ``Stocks of both users and distributors are falling,'' said a trader at a steel and metal trading house. ``Many customers are saying they don't want to buy at about $20.00, but those who expect a further rise are doing so in limited amounts.'' On Tuesday, high-grade cobalt was quoted at about $19.00/$21.00 per lb, up from $15.50/$16.50 two weeks ago.Low-grade cobalt was also firmer at about $17.25/$18.25 per lb from $15.00/$15.75 at the end of May. Cobalt prices have surged over the last week, spurred by news that supply from the Democratic Republic of the Congo and Zambia would be limited in the coming months.