Pakistan and Italy Tuesday signed a Memorandum of Understanding (MoU) to enhance economic and trade cooperation in different sectors, stated a press release.
Federal Secretary for Commerce Mohammad Younus Dhaga, while addressing as chief guest at the MoU signing ceremony between ICE, Italian Trade Agency and Trade Development Authority of Pakistan, informed that both countries agreed to extend the cooperation in infrastructure and construction, energy, logistics, transport, telecoms, water, machinery and equipment for manufacturing marble and stones, textile, clothing, leather, shoes, rubber, metal and chemical products.
Both sides also agreed to increase cooperation in agriculture and food equipment, machinery and equipment for health and pharmaceutical sector, automotive, consumer goods, food, furniture, clothing and apparel, he added.
Dhaga said Italy and Pakistan had excellent bilateral political and trade relations in the past.
He said that Italy was among the top ten trading partners of Pakistan in the world and third largest in trade with European Union (EU) and there was trade potential in both the countries, which needs to be tapped in the near future.
He further added that Italy had helped Pakistan while acquiring the Generalized Scheme of Preferences (GSP-Plus) with EU countries for increasing Pakistan’s exports with them.
He said Pakistan had increased the trade with EU countries by 14% after getting GSP-Plus and overall revenue impact was 38%. Dhaga said Italy would extend cooperation for value addition of different sectors to boost exports
He added that after this MoU both of the parties agreed to enhance cooperation aimed at promoting Foreign Direct Investment in Pakistan and Italy.
Trade Commissioner to UAE, Oman and Pakistan, Gianpaolo Bruno, Director General Trade Development Authority of Pakistan, Rafeo Bashir Shah, and Trade Counselor, Embassy of Italy in Pakistan, Francesco Gargano highlighted the issues of economic and trade relations between the countries.