Pakistan and Italy inked a Memorandum of Understanding (MoU) on Tuesday for boosting economic and trade associations in various sectors.

Federal Secretary for Commerce, Mohammad Younus Dhaga, while addressing as chief guest at the MoU signing ceremony between ICE, Italian Trade Agency & Trade Development Authority of Pakistan (TDAP) stated that, both countries have mutually decided to enlarge the association in the sectors of infrastructure, construction, energy, logistics, transport, telecoms, water, machinery, equipment for manufacturing marble and stones, textile, clothing, leather, shoes, rubber, metal and various chemical products.

Also, both the countries have the same opinion to augment cooperation in the field of agriculture and food equipment, machinery and equipment for health and pharmaceutical segment, automotive, consumer goods, food, furniture, clothing and apparel.

He also added that Italy and Pakistan had exceptional bilateral political and trade associations based upon the history.

Furthermore, Italy was amongst the top ten trading partners of Pakistan in the world and third largest in terms of trade relations with European Union (EU).

He highlighted the fact, since trade potential is there in both the countries, therefore, it just needs a boost in the near future to prosper in positive way.

Mohammad Younus Dhaga also added that, previously Italy had facilitated Pakistan to obtain Generalized Scheme of Preferences (GSP-Plus) with EU countries in order to augment Pakistan’s exports with them.

Due to which Pakistan had amplified the trade with EU countries by almost 14 percent after getting GSP- Plus and entire revenue impact was 38 percent.

He informed that Italy is geared up to enlarge cooperation with Pakistan for value addition in various segments to amplify export related activities.

He further added that, after this MoU both the countries decided to improve assistance which is based on encouraging Foreign Direct Investment in Pakistan and Italy.

Ambassador of Italy, Stefano Pontecorvo, to Pakistan while addressing the MoU ceremony said, both the country’s aim is to generate an extensive strategic relationship so as to augment the assistance in different segments.

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 emphasized on the problems related to economic & trade associations between the countries.