The ambassador of Belgium emphasised the need for joint measures to reverse the decline in bilateral trade, which dropped from $1.09 billion in 2022-23 to $872.4 million in 2023-24 highlighting the importance of sectoral collaboration, B2B meetings, and enhanced interaction between business communities to boost trade volumes and aim for multi-billion-dollar growth.
Belgium serves as a gateway to Europe which is a valuable opportunity for Pakistani businesses to expand their presence in the EU market, said Ambassador of Belgium, Idesbald Vander Gracht, during his meeting with the President of the Lahore Chamber of Commerce and Industry (LCCI) Mian Abuzar Shad.
The ambassador praised the strong trade relations between Pakistan and Belgium but stressed the vast potential for further expanding mutual trade and economic ties. He reiterated that Belgium has consistently supported Pakistan in securing the GSP Plus status, which benefits Pakistan's exports to the European Union. He identified agriculture, textiles, and precious stones as sectors ripe for joint ventures and urged both countries to enhance student exchange programmes.
He stressed that B2B meetings and single-country exhibitions could help explore untapped opportunities. Furthermore, he called for increased interaction between the business communities of both nations to boost trade and economic cooperation. The envoy also suggested identifying more areas for collaboration and introducing additional tradable goods to expand the trade volume. LCCI President Mian Abuzar Shad highlighted Belgium's economic significance as a centre of European politics and policymaking, noting its founding role in the EU and hosting organisations like NATO.
The LCCI president said both countries have been steady trading partners but the last financial year saw a decline in bilateral trade volume. As per trade data sought from the State Bank, Pakistan's exports to Belgium decreased from $701 million in 2022-23 to $556.9 million in 2023-24 while our imports also decreased from $392.6 million to $315.4 million in the same period.
He called for joint efforts to increase bilateral trade to multi-billion-dollar levels, highlighting opportunities for deeper cooperation.
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