LAHORE: Ambassador of European Union (EU) Lars Gunnar Wigemark has said the EU wants to enhance trade relations with Pakistan.
He was talking to LCCI President Engineer Sohail Lashari during a visit to the Lahore Chamber of Commerce and Industry on Thursday.
LCCI vice President Kashif Anwar, Executive Committee members Zafar Mehmood and Talha Tayyab Butt were also present.
The Generalized System of Preferences (GSP) Plus had given better market access to the products made in Pakistan to the whole of European Union which had some 500 million inhabitants. The EU would like to enhance its trade with Pakistan, he added.
"It is very much now in the hands of the business community, both here in Pakistan and the European Union to utilise this facility available since January for boosting trade between the two sides.
Emphasising on the new areas of trade, the EU ambassador said it should not only be confined to just bed-linen and towels but should also include readymade garments of good quality because there was higher profit margin and because Pakistan was better place in the region.
Lars-Gunnar appreciated many initiatives taken by the government in creating business-friendly atmosphere by giving special incentives like introducing loan schemes for young entrepreneurs. "All of that is helpful and we see some positive signs already in economy", he said.
Speaking on the occasion, LCCI President Engineer Sohail Lashari said that in the last three years Pakistan's export to the European Union have been steady and on the rise. "We must work further to increase this trade activity", he added.
He sought the assistance of the EU in exploiting the export potential of Ireland, Slovenia and Czech Republics which were ranked among those countries where Pakistan is maintaining exports worth much less than USD 50 million.
He expressed his deepest gratitude for GSP Plus status granted by European Union Commission to Pakistan and said that both the sides had a very strong bond in the areas of trade and business.
European Union and Pakistan go a long way in trade and commerce. Around 16.5% of Pakistan's external trade is with European Union.
The LCCI president said that European Union was an important export destination for Pakistan as 25 per cent of total exports of the country find their way among the 28 countries of Europe.
European Union's share in total imports of Pakistan is around 12 per cent.
He said there was another interesting feature of Pakistan's trade with European Union that almost 70 per cent of total exports sent to EU were with five countries namely the UK, Germany, Italy, Netherlands and Spain.
He said that Pakistani businessmen were finding more and more opportunities of market penetration in important countries like Denmark, Finland and Greece where Pakistan's export are still below to $100 million.
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