Monday June 27, 2022

‘Pakistan values trade ties with EU’

By Our Correspondent
May 19, 2022

ISLAMABAD: Pakistan highly values trade relations with European Union, which is one of the biggest export destinations of the country, Commerce Minister Syed Naveed Qamar said on Wednesday.

Hosting a reception in honor of EU delegation to Pakistan and EU ambassadors, Qamar said Pakistan enjoys great friendly trade relations with the member states of EU, adding, trading relations were mutually beneficial as the country’s export to EU had increased by 86 percent from €3.56 billion in 2013 to €6.64 billion in 2021, he quoted Eurostat statistics.

Imports from EU also increased by 69 percent from €3.31 billion in 2013 to €5.59 billion in 2021, he added.

The increased trade was result of practice facilitation provided by the ministry of Commerce to businesspersons from both the parties, Qamar said.

He was hopeful that with greater avenues for business to business (B2B) contacts through various instruments such as business forums, trade exhibitions, webinars/seminars, exchange of delegation would give a further boost in increasing trend in trade.

The minister said European companies had invested in the country, especially in agro food, energy, and renewable energy sectors.

Meanwhile, Qamar underlined importance of the GSP Plus scheme for Pakistani economy, emphasising that the scheme had helped the export sector.

The minister was hopeful that forthcoming fourth biennial review of the status would also be successful.

It was informed that the Commerce minister would be visiting Brussels and other capitals of European member states to engage with EU partners to further deepen the bilateral trade relations.