LAHORE: Belgium serves as a gateway to Europe which is a valuable opportunity for Pakistani businesses to expand their presence in the EU market.
These remarks were made by the Ambassador of Belgium, Idesbald Vander Gracht, during his meeting with the President of the Lahore Chamber of Commerce and Industry Mian Abuzar Shad. LCCI Executive Committee Members were also present at the meeting.
The Ambassador praised the strong trade relations between Pakistan and Belgium, but emphasized the vast potential for further expanding mutual trade and economic ties. He reiterated that Belgium has consistently supported Pakistan in securing the GSP Plus status, which benefits Pakistan’s exports to the EU.
He said that there are strong economic relations between Pakistan and Belgium. Both the countries need to enhance bilateral trade relationship. There is a lot of potential for Pakistan in agriculture textile and precious stone sectors for joint ventures with Belgium. He also called to enhance student exchange programmes between the two countries
He said that B2B meeting and single country exhibitions can help explore the undiscovered opportunities. He said that both countries should identify more areas for cooperation and should also introduce more tradable items to enhance mutual trade volume. He said that there should be more interaction between the business communities of the two countries to enhance trade and economic cooperation.
LCCI President Mian Abuzar Shad said that we are well aware of the economic importance of Belgium as a centre of European Politics and Policymaking. Belgium is one of the six founding countries of the European Union and home to many international organizations including NATO.
He said that Pakistan and Belgium have very cordial international relations based on respect for each other since last 75 years which are going to be 76 next month. We are still grateful to Belgium for supporting Pakistan during recent floods by providing the affectees with tents to maintain shelter.
The LCCI President said that Belgium serves as an entry point for Pakistani goods into the European Union (EU) due to its central location in Europe and its role as a major EU trading hub. The Port of Antwerp, located in Belgium, is one of the largest ports in Europe and known as the Diamond Capital of the World. The location of port makes it a critical trade partner for Pakistan, by enabling it, to access various European markets more easily.
He said that both countries have been steady trading partners as well but the last financial year saw a decline in bilateral trade volume. As per trade data sought from State Bank, Pakistan’s exports to Belgium decreased from $701 million in 2022-23 to $556.9 million in 2023-24 while our imports also decreased from $392.6 million to $315.4 million in the same period.
Mian Abuzar Shad added “This essentially means that our trade volume decreased from $1.09 billion in 2022-23 to $872.4 million in 2023-24. You will agree with me that we need to make joint efforts to take the level of bilateral trade to at least multi-billion dollars.”
He said that the major items of Pakistan’s exports to Belgium are Textile products, Rice, Leather, etc. Pakistan imports from Belgium include pharmaceutical, articles of plastics, machinery, Iron & Steel etc.
The LCCI President further stated that both countries have potential for deeper cooperation in sectors beyond their current trade patterns. These could include the energy, agriculture, information technology, and renewable energy sectors. Belgium’s expertise in green energy and advanced technology sectors could complement Pakistan’s growing industrial base and energy needs.
Mian Abuzar shad said that GSP Plus status has been extended till 2027 and the Government of Pakistan is attempting to meet all the requirements of EU Programme protocols for getting an extension till 2034. For that purpose, Pakistan’s Mission in Brussels is pursuing the matter with the EU Secretariat. We seek the support of Belgium - an important member of EU.
Copyright Business Recorder, 2024