The National Day of Republic of Italy is celebrated on June 2 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.
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 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 percent 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.
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