Pakistan highly value trade relations with European Union, which is one of the biggest export destinations of Pakistan, stated by Federal Minister for Commerce, Syed Naveed Qamar, while hosting a reception in the honor of EU Delegation to Pakistan and EU Ambassadors, a press release said.
Pakistan enjoys great friendly trade relations with the member states of European Union. Trading relations are mutually beneficial as Pakistan’s export to EU increased by 86% from Euro 3.56 billion in 2013 to Euro 6.64 billion in 2021, while exports of EU to Pakistan increased by 69% from Euro 3.31 billion in 2013 to Euro 5.59 billion in 2021, according to Eurostat.
The increased trade is result of practice facilitation provided by Ministry of Commerce to the businesspersons from both the parties. The Minister hoped that with greater avenues for B2B contacts through various instruments such as business forums, trade exhibitions, webinars/seminars, exchange of delegation will give a further boost in increasing trend in trade.
Minister for Commerce appreciated that many European companies have invested in Pakistan, especially in Agro Food, Energy and Renewable energy sectors. The Minister hoped that many more European companies will get benefit from the ease of doing business initiative of Government of Pakistan.
Commerce Minister underlined importance of the GSP Plus scheme for Pakistani economy and particularly for export sector. He emphasized that the scheme helped in promoting universal values and created an enabling environment for implementation of 27 International Conventions in the beneficiary countries besides increasing employment opportunities, especially for women.
Syed Naveed Qamar appreciated European member states for their support for Pakistan in securing the GSP Plus status and its continuity in last three reviews conducted by European Parliament and hoped that the forthcoming fourth biennial review would also be successful. He welcomed the proposed legislation for GSP plus 2024-34 by the European Commission and hoped that it would also strengthen the mutual benefits for Pakistan and the EU.
Commerce Minister will be visiting Brussels and other capitals of European member states to engage with the EU partners to further deepen the bilateral trade relations.
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