ISLAMABAD: Italy has expressed the desire to further enhance trade relations with Pakistan in different sectors of the economy “that would help evolve trade equilibrium between both the sides”.
In an interview with the national press agency, Italian Ambassador to Pakistan Andreas Ferrarese said, “Both the sides want equilibrium and to achieve trade balance as currently, Pakistan had a trade surplus in bilateral trade with Italy as was observed in FY 2019-20.”
He pointed out that Pakistan exports to Italy were US $ 731million during 2019-20, which include textile, leather, rice, ethanol, Cotton, apparel, crocheted, Cereals, leather, beverages, spirits and vinegar, Plastics, footwear, and gaiters.
The ambassador further said that in FY 2019-20, Pakistan’s imports from Italy stood at US $ 521 million and included ships, boats, and other floating structures, machinery, pharmaceutical product, aircraft, spacecraft, technical and medical apparatus.
Andreas Ferrarese also said his government prioritized to enhance bilateral trade between Pakistan and Italy to its full potential of US $ five billion annually in the next three years from the current US $ 1.7 billion.
Dairy and livestock, olives and olive products, plastics, processed food and construction sector are the areas where Italy could extend its cooperation with Pakistan,” he remarked.
Replying to a question about the expectation of Preferential Trade Agreement (PTA) between Pakistan and Italy, he said, “We are fully supporting Pakistan in Generalized Scheme of Preferences (GSP+) status in every review.”
He informed that Pakistan has a share of 10 percent of trade with Italy in the whole contribution with EU countries and in future, both sides would extend more cooperation in trade and economy.
He also announced that a new economic mission would also be established in Pakistan to enhance trade and economic connectivity with Pakistan. “I want to open up a cultural centre, and promote Italian cuisine, art, paintings, music so that the Pakistanis can know more about Italy,” he added.
