Belgium wants areas of cooperation identified

Asks Pakistan to take full benefit of GSP Plus facility

LAHORE: Ambassador of Belgium to Pakistan Philippe Bronchain has said that trade, investment, economic and friendly relations between the two countries are very important for him and he has a mission to make these stronger. Speaking at the Lahore Chamber of Commerce and Industry (LCCI), the ambassador pointed out that Belgium and Pakistan had enjoyed over 70 years of cordial relations, which gradually expanded over the past decades. “Belgium has always emphasised the importance of trade and investment and people-to-people contacts. Bilateral trade between Belgium and Pakistan has more than doubled over the past decades that can be supplemented through joint efforts,” he said. The envoy was of the view that both countries should identify more areas of cooperation and should also introduce more tradable goods in

order to enhance the bilateral trade volume. Pakistan should take full advantage of the best geographical position of Belgium in the European Union, he emphasised, adding that there should be more interaction between business communities of the two countries to enhance trade and economic cooperation. “Pakistan is the beneficiary of GSP Plus status and should take full benefit of this facility,” he said. Speaking on the occasion, LCCI President Irfan Iqbal Sheikh said Pakistan and Belgium had very cordial diplomatic relations and both sides had been steady trading partners as well. For Pakistan, Belgium comes at the sixth place among top importing as well as exporting countries in the European Union. He pointed out that two-way trade, which peaked in 2016 upon reaching $1.22 billion, slipped gradually to $979 million in 2018. In 2018, there were dips both in exports and imports. Pakistan’s exports to Belgium went down from $701 million to $666 million while imports decreased from

$366 million to $313 million. The LCCI president said both countries needed to make joint efforts to reverse the trend and should particularly target at least $2 billion in bilateral trade. “Pakistan has been maintaining a favourable balance of trade with Belgium and we wish to maintain it,” he remarked. Sheikh emphasised that there were better prospects of increasing trade and investment relations on the basis of GSP Plus status awarded to Pakistan by the European Union. “We must find ways of enhancing the current level of trade by identifying more goods for trade.” The LCCI president suggested that there were good prospects of undertaking joint ventures in Pakistan with the help of Belgian experience and technical knowhow in the diverse fields.

 

Published in The Express Tribune, November 19^th, 2019.

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