Minister to visit Europe for trade talks

Expects more European firms to invest, take benefit of ease of doing business in Pakistan

Our Correspondent May 19, 2022

Pakistan has inked Preferential Trade Agreements with Uzbekistan and Afghanistan which will provide it access to huge market of 72 million people. PHOTO: FILE

ISLAMABAD:

The Ministry of Commerce has announced that Commerce Minister Syed Naveed Qamar will visit Brussels and other capitals of European Union member states to engage with the EU partners to further deepen the bilateral trade relations.

“Pakistan enjoys the great friendly trade relations with the EU member states. Trading ties are mutually beneficial,” the ministry said in a statement on Wednesday.

Pakistan’s exports to the EU increased 86% from 3.56 billion euros in 2013 to 6.64 billion euros in 2021, while EU’s exports to Pakistan rose 69% from 3.31 billion euros in 2013 to 5.59 billion euros in 2021, according to Eurostat.

“The increased trade is the result of facilitation provided by the Ministry of Commerce to the businesspersons of both sides,” the ministry said.

Meeting an EU delegation and EU ambassadors at a reception, the commerce minister remarked that Pakistan highly valued its trade relations with the European bloc, which was one of the biggest export destinations for Pakistan, according to the statement.

The minister voiced hope that with greater avenues for B2B contacts through business forums, trade exhibitions, webinars/ seminars as well as exchange of delegations, the increasing trend in trade would get a further boost.

He welcomed the investment made by many European companies in Pakistan, especially in agro-food, energy and renewable energy resources.

He was of the view that many more European firms would get benefit from the ease of doing business initiative of the government.

Underlining the importance of GSP Plus scheme for Pakistan’s economy, particularly for exports, the minister said that the scheme helped to promote universal values and created an enabling environment for the implementation of 27 conventions in the beneficiary countries besides increasing employment opportunities, especially for women.

Published in The Express Tribune, May 19^th, 2022.

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