- The EU ambassador calls on the Prime Minister to discuss mutual bonds.
- The Prime Minister is a positive impulse in the trade in Pakistan-EU.
- Welcomes the very first Pakistan-EU Business Forum for May.
Friday, Prime Minister Shehbaz Sharif reaffirmed Pakistan’s commitment to strengthen links with the EU, highlighting the continuous advantages of the generalized system of more preferences (GSP +) for both parties.
Assating positive impetus in mutual relations, the Prime Minister underlined it during a meeting with EU ambassador Dr. Riina Kionka, who called him to the Prime Minister.
The EU ambassador informed the Prime Minister of the recent visits to the EU delegations to Pakistan as well as the next commitments in Pakistan-EU.
The Prime Minister hosted the concession of the very first high-level commercial forum in Pakistan-EU in Islamabad, which will take place in May, and provided full support to succeed in the event.
At the start of the meeting, the Prime Minister thanked the EU ambassador for exercising condolences on the recent terrorist attack on the Jaffar Express train in Balutchistan.
Tens of activists on Tuesday, affiliated with the Balutchistan Liberation Army (Bla), exploded a railroad track and assaulted the Jaffar Express, carrying hundreds of passengers, from the Bolan district of the province.
The terrorists martyred 21 passengers, while the others were rescued by the Pakistani security forces at the end of the hostage-residing operation on Wednesday later.
The Prime Minister reaffirmed the Pakistan company resolved to eradicate the country’s terrorism during the meeting, which also covered various facets of Pakistan’s ties, including discussions on human rights, trade and investment.
Pakistan received the status of GSP + on January 1, 2014 after the country has ratified 27 international conventions and is committed to implementing them.
The GSP + EU serves a special incentive agreement to promote good governance and sustainable development by facilitating trade.
The incitement grants zero or preferential Pakistani prices on almost 66% of pricing lines, improving the country’s ability to export to the EU market.
GSP + has proven to be essential for the bilateral commercial links of the EU-PAKISTAN. From 2014 to 2022, exports from Pakistan to the EU increased by 108%, while EU imports increased by 65% and the total volume of exchanges increased from 8.3 billion euros in 2013 to 14.85 billion euros.
Country clothes, linen, Terry towels, press products, leather, sports and surgical products and similar products enter the EU market for the benefit of GSP +concessions.
Finmin says that GSP + Criticism for growth led by exports
Earlier in the day, the EU ambassador met the Minister of Finance, Senator Muhammad Aurangzeb at the Finance Division to discuss the future of the GSP +commercial installation, among others.
The detailed interaction has focused on a range of questions of mutual interest, in particular to strengthen trade and investment links between the two parties, according to an official press release.
Aurangzeb stressed that GSP + had been a critical catalyst for Pakistan’s efforts to stimulate growth led by exports.
The two officials deliberated on opportunities for European companies in Pakistan, urging for the creation of an investment climate allowing to exploit the growing appetite for expansion.
Dr. Kionka informed the Minister of Finance that the EU had already mapped more than 300 European companies operating in Pakistan, with the conviction that many others are present.
She stressed that European companies are increasingly considered Pakistan as a hub for potential commercial opportunities, in particular in the light of the next forum.
The Minister also underlined the need for a more proactive approach to reach out to European capitals for a constructive commitment on key issues, including the continuation of the GSP +installation, which is vital for Pakistan’s trade relations with the EU in the years to come.