Pakistan, Italy sign MoU to expand economic, trade cooperation

ISLAMABAD: Pakistan and Italy Tuesday signed a Memorandum of Understanding (MoU) for enhancing economic and trade cooperation in different sectors.

Federal Secretary for Commerce Mohammad Younus Dhaga while addressing as chief guest at the MoU signing ceremony between ICE, Italian Trade Agency and Trade Development Authority of Pakistan here, informed both countries agreed to extend the cooperation in infrastructure and construction, energy, logistics, transport, telecoms, water, machinery and equipment for manufacturing marble and stones, textile, clothing, leather, shoes, rubber, metal and chemical products.

Both sides also agreed to increase cooperation in agriculture and food equipment, machinery and equipment for health and pharmaceutical sector, automotive, consumer goods, food, furniture, clothing and apparel, he added.

Dhaga said Italy and Pakistan had excellent bilateral political and trade relationship rooted in history.

He said Italy was among the top ten trading partners of Pakistan in the world and third largest in context of trade with European Union (EU) and there was trade potential in both the countries, which need to be tapped in near future.

He further said Italy had helped Pakistan while acquiring Generalized Scheme of Preferences (GSP-Plus) with EU countries for increasing Pakistan’s exports with them.

He said Pakistan had increased the trade with EU countries by 14% after getting GSP- Plus and overall revenue impact was 38%.

Dhaga said Italy would extend cooperation for value addition of different sectors to boost exports

He said after this MoU both of the parties agreed to enhance cooperation aimed at promoting Foreign Direct Investment in Pakistan and Italy.

Addressing the MoU ceremony, Ambassador of Italy to Pakistan, Stefano Pontecorvo said both of the countries had decided to create a long term strategic relationship for increasing cooperation in different sectors.

After signing the MoU direct contact would be established between the business communities of both of the countries.

He said MoU between Pakistan and Italy would be result in industrial cooperation between both sides.

While Trade Commissioner to UAE, Oman and Pakistan , Gianpaolo Bruno , Director General Trade Development Authority of Pakistan Rafeo Bashir Shah and Trade Counselor, embassy of Italy in Pakistan, Francesco Gargano highlighted the issues of economic and trade relations between the countries.