KARACHI: The Pakistan Stock Exchange (PSX) has entered into a tripartite Memorandum of Understanding (MoU) with the Colombo Stock Exchange (CSE) and the Dhaka Stock Exchange (DSE), PSX said on Thursday, describing it as a “landmark move” to strengthen regional capital market cooperation.

The agreement signed in Colombo aims to establish an exchange forum to facilitate technology development and sharing, human resource sharing, product development, regulatory collaboration, investor protection, and knowledge exchange across the three markets.

“This initiative will foster deeper regional cooperation among the three South Asian nations while creating new opportunities for investors and market participants across the region,” the PSX said in a statement. 

Joint initiatives in system development and digital transformation, cross-exchange training programs and knowledge-sharing initiatives, collaborative development of new financial instruments, harmonization of market oversight and investor protection frameworks, exploration of cross-border listing opportunities to expand investor access and facilitation of broker partnerships and institutional connectivity were listed in the PSX statement as the key areas of collaboration under the MoU. 

“This strategic partnership marks a significant step forward in regional market integration. By combining our strengths, these three exchanges can drive innovation, enhance market resilience, and create new opportunities for investors across South Asia,” said Akif Saeed, chairman of the Securities and Exchange Commission of Pakistan (SECP), who was present at the ceremony. 

Farrukh H. Sabzwari, MD & CEO of PSX, said the agreement represented a “transformative chapter” in regional capital market cooperation. 

“Through this partnership with our counterparts in Colombo and Dhaka, we aim to elevate market standards, foster sustainable growth, and deliver greater value to all market participants,” he added.

The MoU establishes a formal platform for ongoing dialogue and joint initiatives, with working groups to be formed to implement the cooperation framework. 

This alliance is expected to enhance market liquidity and product diversity, strengthen regulatory frameworks across the region, facilitate cross-border investment flows and promote technological innovation in market infrastructure, the PSX statement said. 

ISLAMABAD: Pakistan’s foreign office on Thursday dismissed a bill in the US Congress seeking to sanction the country’s powerful army chief, calling it a single legislator’s initiative that did not align with the positive relations between the two countries.
US Congressman Joe Wilson announced earlier this week on Tuesday he had introduced a bill demanding sanctions against General Asim Munir for “undermining democracy” and “persecuting” political opponents, including jailed former Prime Minister Imran Khan.
Wilson shared a report by the American news website, The Hill, on his social media account, which said the legislation called for sanctions on the army chief within 180 days under the Global Magnitsky Human Rights Accountability Act. Violators of the act can be subjected to denial of entry to the United States and ineligibility for US visas.
Responding to the development, Foreign Office Spokesperson Ambassador Shafqat Ali Khan said the initiative did not reflect the US administration’s position.
“We are aware of the bill being introduced in the House of Representatives,” he said. “This is an initiative of a single individual legislator. We believe that the timing and context of the bill does not align well with the current positive dynamics of Pakistan-US bilateral relations based on mutual respect, understanding and non-interference in each other’s affairs.”
He noted the bill would have to go through several committees in the House of Representatives and Senate before its passage.
“We hope that the US Congress will continue its supportive role in strengthening Pakistan-US ties and focus on avenues of mutual collaboration that benefit both our peoples and countries,” Khan continued.
“Pakistan remains committed to constitutionalism, rule of law, protection of human rights and freedom of expression because it considers democracy as a vehicle for prosperity and progress as a nation,” he added.
The spokesperson also said that Special Assistant to the Prime Minister Tariq Fatemi was currently visiting the US, where he had met with the chairman of the US Congressional Committee on Foreign Affairs, the ranking member of the Subcommittee on South Asia and Central Asia on the Foreign Affairs Committee and the co-chair of the Pakistan Caucus.
“During the talks, discussions focused on Pakistan-US bilateral cooperation and economic relations,” he said. “The special assistant briefed the US leadership on government policy, especially the economic priorities.”
Khan said that promoting bilateral relations, particularly in the areas of trade, economy and investment, was among the top priorities of the government.
“Regional and international issues were also discussed during these meetings,” he added.