German ambassador assures continued support

Says GSP Plus should not be taken for granted as compliance needs to be ensured

FAISALABAD: Germany will continue to extend its diplomatic and political support to help explore more avenues for bilateral trade, said German Ambassador Ina Lepel.

Addressing a meeting at the Pakistan Textile Exporters Association (PTEA) Tuesday, she said that Germany is among the major trading partners of Pakistan and several German firms are working across different trade fields in the country.



“Both countries have the potential to increase the trade volume and we must carve out ways and means to exploit the available potential,” said Lepel.

Terming the Generalised System of Preferences (GSP) Plus as a key driver for promoting bilateral trade, she said that with duty free access to EU, Pak-German trade volume has reached $2.24 billion in the last year with positive growth of 16%.

In the first half of the current fiscal year, growth in bilateral trade has been 6%.

She said that Germany is looking at ways to help the Pakistani business community fully utilise the available opportunity.

However, the ambassador cautioned that GSP Plus preferences should not be taken for granted as Pakistan has to ensure compliance with 27 international conventions.

In order to further strengthen business institutions, the Pakistan-German Chamber of Commerce and Industry has been established, which would further improve bilateral trade and economic relations, she added.

PTEA Chairman Ajmal Farooq briefly highlighted the core functions of the association and thanked the German government on its support for duty free access of Pakistani goods to EU and grant of GSP Plus status for Pakistan.

Terming Germany as a major export destination for Pakistan, he stressed on the need to diversify two-way trade as the bilateral trade does not reflect its potential.

Farooq invited the German companies and investors for investment and joint ventures.



Inviting German support in the energy sector, he said that Germany has earned a respectable name in alternative energy solutions; therefore, transfer of technology and joint ventures in this regard could be a great favour to Pakistan’s economy.

Published in The Express Tribune, March 15^th, 2017.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.