Federal Minister for Commerce Syed Naveed Qamar Wednesday said Pakistan highly values trade relations with the European Union (EU), which is one of the biggest export destinations of Pakistan.
The minister made these remarks while hosting a reception in the honor of EU Delegation to Pakistan and EU Ambassadors.
The trading relations between Pakistan and member states of the European Union are mutually beneficial as Pakistan’s exports to the EU increased by 86 percent from €3.56 billion in 2013 to €6.64 billion in 2021, while exports of EU to Pakistan increased by 69 percent from €3.31 billion in 2013 to €5.59 billion in 2021, according to Eurostat.
The increased trade is the result of practice facilitation provided by the Ministry of Commerce to the businesspersons from both 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 to the increasing trend in trade.
Qamar appreciated that many European companies have invested in Pakistan, especially in agro-food, energy, and renewable energy sectors. He hoped that many more European companies will get benefit from the government’s ease of doing business initiative.
The minister underlined the importance of the GSP Plus scheme for the Pakistani economy, particularly for the export sector. He emphasized that the scheme helped in promoting universal values and created an enabling environment for the implementation of 27 International Conventions in the beneficiary countries besides increasing employment opportunities, especially for women.
He also appreciated European member states for their support for Pakistan in securing the GSP Plus status and its continuity in the 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.
The 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.
