Pak, Romania mutual trade to be raised upto $500m

ISLAMABAD: The bilateral trade between Pakistan and Romania possesses potential to jack up to $500 million on per annum basis over the next few years against existing level of $100 million.

“We are aiming at enhancing bilateral trade up to $500 million as both the countries possess huge potential to ensure cooperation in different fields,” Ambassador of Romania Nicolae Goia said while talking to reporters at Zaildar House Taxila on Sunday.

Zaildar Syed Zaheer Husain has extended special invitation to Romanian envoy to celebrate the 100 years of unity of Romania. The event was organised and attended by Chairman Pakistan-Romania Friend Association Syed Ahsan Shah while Mayor Islamabad Sheikh Ansar Aziz, Member National Assembly Noreen Ibraheem, President Pakistan-Romania Friend Association Maj General (R) Hafiz Masoor Ahmed, former minister Syed Wajid Bukhari, former ambassadors Sarwar Naqvi, Aslam Rizvi and Fouzia Naseern were also present.

Keeping in view big room for people-to-people contact to find out new markets by the investors of both countries, the ambassador said that there was increasing need to collaborate in key areas of economic cooperation like energy, IT, pharmaceutical, defence production, tractors assembling and engineering between the two sides.

The ambassador said that Romania was going to head the European Union (EU) from start of next calendar year and Pakistan could explore new trade potential with EU member countries. Since the EU has granted the GSP plus Status to Pakistan, it offers a good opportunity to Pakistan and Romania to improve their bilateral trade relations, the envoy added. There is a dire need to explore untapped potential in the fields of business and trade to spur relations between two countries, he added.

Pakistan and Romania, the envoy said, enjoyed excellent political relations but economic relations were not up to real potential although bilateral cooperation between two countries dates back to 60s.

He said Romania was keen to develop strong economic ties with Pakistan as it was an important country with great potential for business relations. He said that Romania is the 7th largest market among the European countries and Pakistan yet to fully explore the market and there is a dire need to further explore the potential of bilateral trade by the traders of both countries.