Trade with Spain: Balance tilts in Pakistan’s favour
Preferential rates are applied to export of 75 tariff lines to EU states.
The trade volume between the two countries has crossed the $2 billion mark, pushing economic ties in a positive direction. PHOTO: FILE
ISLAMABAD:
Trade balance between Pakistan and Spain has shown a considerable increase in favour of Pakistan over the last three years.
The trade volume between the two countries has crossed the $2 billion mark, pushing economic ties in a positive direction.
According to data issued by the Ministry of Commerce and Textile Industry, major export items from Pakistan were articles of apparel and clothing, made-up articles of textile material and cotton fabrics. Its major import items included machinery (of all sorts) and their parts, chemical material and products, iron and steel manufactures and chemical elements and compound.
In an effort to continue favourable trade ties, Pakistan has been engaged in efforts to win concessional preferential trade packages or schemes since 2012, officials say. One such scheme is Autonomous Trade Preferences (ATP), which was agreed in November 2012.
Under this package, preferential rates are applied to export of 75 tariff lines from Pakistan to the European Union including Spain.
Apart from this, the Pakistani business community has realised the importance of direct interaction and made many such efforts. Various opportunities of face-to-face contact between business sectors of the two countries have been provided and further efforts are under way, officials say.
Pakistan is regularly participating in important Spanish exhibitions such as International Expo Zaragoza, Textile Hogar and Habitat Fair. Similarly, Spanish companies are participating in expos in Pakistan like leather and textile exhibitions.
Published in The Express Tribune, December 24th, 2013.
Trade balance between Pakistan and Spain has shown a considerable increase in favour of Pakistan over the last three years.
The trade volume between the two countries has crossed the $2 billion mark, pushing economic ties in a positive direction.
According to data issued by the Ministry of Commerce and Textile Industry, major export items from Pakistan were articles of apparel and clothing, made-up articles of textile material and cotton fabrics. Its major import items included machinery (of all sorts) and their parts, chemical material and products, iron and steel manufactures and chemical elements and compound.
In an effort to continue favourable trade ties, Pakistan has been engaged in efforts to win concessional preferential trade packages or schemes since 2012, officials say. One such scheme is Autonomous Trade Preferences (ATP), which was agreed in November 2012.
Under this package, preferential rates are applied to export of 75 tariff lines from Pakistan to the European Union including Spain.
Apart from this, the Pakistani business community has realised the importance of direct interaction and made many such efforts. Various opportunities of face-to-face contact between business sectors of the two countries have been provided and further efforts are under way, officials say.
Pakistan is regularly participating in important Spanish exhibitions such as International Expo Zaragoza, Textile Hogar and Habitat Fair. Similarly, Spanish companies are participating in expos in Pakistan like leather and textile exhibitions.
Published in The Express Tribune, December 24th, 2013.