Pakistan, Italy agree to enhance bilateral trade to $1.5 billion

ISLAMABAD:Pakistan and Italy on Monday agreed to enhance their bilateral trade to $1.5 billion from $1 billion from the current fiscal year of 2016/17.

This was decided after the the second session of Pakistan Italy Joint Economic Commission held on Monday. The Italian delegation was led by Ivan Scalfarotto, deputy minister for economic development, whereas Pakistan's side was led by Rana Muhammad Afzal Khan, parliamentary secretary for finance and economic affairs.

The inaugural session of JEC was held in Italy on March 22, 2006. Both Sides agreed to form four working groups including energy and infrastructure development trade and joint venture agriculture and agro Industries and information technology collaboration.

After passage of a decade, the cecond session of JEC has been held on December 6 2016. Around 25 delegates from different departments of Italy also participated in the JEC.

In the JEC, both governments discussed the current status of economic situation an overview of reforms priorities bilateral institutional and trade relations.

Both sides identified areas of cooperation and agreed on the need to have greater economic and commercial exchanges for mutual benefit of the two countries.

Later addressing a news conference, Khan welcomed the Italian delegation and said that Pakistan valued its relations with Italy and wanted to further enhance their ties specially in trade sector.

He said the Italian delegation has come here to explore business and investment opportunities and taking keen interest in investment in various sectors of economy, including trade, technology, infrastructure, food and agriculture sectors.

"We had fruitful meeting and discussions with Italian business delegation and they have expressed their desire to explore investment opportunities in Pakistan," he added.

Khan said total volume of trade between Pakistan and Italy stood at $1.1 billion and was in favour of Pakistan "but we have decided to enhance our bilateral trade to $1.5 billion from this year."

He said both, Pakistan and Italy would work together for further enhancing bilateral trade through holding trade exhibitions and business to business contacts. Khan also appreciated Italy for supporting Pakistan in getting GSP plus from EU.

Italian Scalfarotto said they were visiting Pakistan to explore the business and trade opportunities and long term relationship in various sector of economy, including infrastructure, energy, ports, agriculture, textile, fashion design, railways and technical fields.

He also appreciated China Pakistan Economic Corridor (CPEC) and termed it the biggest global development project. "The CPEC would also help connectivity in the region and beyond benefiting a large number of people," he added.