The national day of Republic of Italy is celebrated on 2nd of June every year - the day on which The Republic of Italy was born in Year 1946. My heartiest wishes are with the people of Italy on this auspicious occasion. Our two countries are working together for the future peace and prosperity of our world. As you celebrate this special day with the warmth of good food, family, and friends, know that Pakistan stands with you.
It is estimated that over 10 percent of textile exports might increase due to the facility granted to Pakistan by the European Parliament in December 2013 and which will remain till Year 2017. Pakistan has started availing the facility from January 1st 2014. Italy is one of the top eight trading partners of Pakistan. Over the years of friendly ties, trade and other economic activities have grown between the two countries.
Italy remains major textile trading partner of the Pakistan; most of the Pakistani exports to Italy consist of textiles and clothing and leather apparel. Moreover, 80 percent of Pakistan's exports are directed to seven EU member countries, Italy, Germany, the UK, Belgium, The Netherlands, Spain and France. Around 90 per cent of Pakistan's exports to Italy are textile- and leather-related products and almost half of Italy's exports to Pakistan fall in the category of machinery and equipment.
The Pakistan-Italy bilateral trade volume is currently around $1.5 billion on average. The Generalised System of Preferences (GSP) Plus status applies to 72 lines of products and it can be a tremendous boost for the Pakistani economy. It also poses challenges in terms of how prepared Pakistani companies are to avail the duty-free access to EU markets. The challenges have to be addressed correctly. If an Italian Chamber of Commerce will be developed in Pakistan, it will be a focal point of assistance for the Pakistani business community to do business with the Italian firms. Some private efforts have been made to bring Italian and Pakistani companies and entrepreneurs closer.
Bilateral trade can naturally be improved with more exports of textiles from Pakistan and import of textile machinery from Italy as well as co-operation in other fields. Our government has taken initiatives for short, medium and long-term targets for enhancement of power production which would rid the country of the power crisis. Our present government has assured that it would be fully backing this plan to get the country out of the crisis, the source added.The issue of load shedding would be addressed on war footing as he put emphasis on bringing Pakistan's national institutions on par with global standards. The sources also said that ending load shedding would be the top priority of the government and he hoped that the energy plan would help government to redress the issue which had hit the country's economy hard.
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