The European Union Parliament has ratified by overwhelming majority Pak-EU co-operation agreement on partnership and development commonly known as the third-generation agreement.
The ratification of the agreement will upgrade Pakistan-EU relations. It is being seen as a major achievement in view of campaign launched by John Kushnain, rapporteur of EU Parliament Foreign Affairs Committee.
The EU Parliament's step underlines recognition of Pakistan's importance in the world as a responsible and credible partner not just for trade, but also for regional and international peace and security. It is also an indication of Pakistan's forward-looking foreign policy as well as recognition of the progressive leadership of President Pervez Musharraf and Prime Minister Jamali and their efforts to strengthen national institutions in the country.
The agreement will give a signal to the international investment community to contribute to Pakistan's economic turnaround as favourable conditions have been created to enhance investment and productive economic and commercial co-operation.
Pakistani diplomatic missions in the EU countries had lobbied with the European members of the parliament for the endorsement of the agreement and Pakistani ambassadors personally steered and supervised the campaign.
Pakistan on Thursday welcomed European Parliament's decision.
Talking to PTV Foreign Office Spokesman Masood Khan said, "The European Parliament by ratifying third-generation agreement has took a sound and wise decision and we welcome it."
He said this is an agreement of partnership and development and it covered various areas such as trade, economic co-operation, environment, human resources, information and communication.
"The implementation of the agreement will be beneficial for both Pakistan and the European Union," he added.
Masood said the ratification of the agreement is a result of responsible and forward-looking foreign policy of Pakistan.
He said as far as the Pakistan's efforts to strengthen national institutions are concerned, we are looking forward to productive agreements and co-operation with the European Union.