Pakistan to look beyond CPEC

Pakistan to look beyond CPEC

ISLAMABAD - Experts have said Pakistan, while focusing on the China Pakistan Economic Corridor should also look beyond in European Union amid scenario evolving in the aftermath of Brexit due in next year.

This was the crux of the deliberation during a seminar titled "Post-Brexit trade relations in European Union: Implications for Pakistan", organized by Sustainable Development Policy Institute in Islamabad today (Friday).

The participants said EU is a market of 460 million people and Pakistan should explore more markets and tap the trade and investment potential in EU countries. For that Pakistan need to build its positive image and enhance engagements with EU countries to help EU businesses to invest in Pakistan.

Speaking on the occasion, Dr. Pál Belényesi, Independent Scientific Advisor to European Parliament said Pakistan should explore more options for trade and expand its export markets. He said Pakistan's economy should be made diversified and open to reap maximum trade benefits. He said EU is Pakistan's largest trading partner when it comes to net trade balance and contributes almost 25 percent of total Pakistan's Foreign Direct Investments.

Speaking earlier, Dr Vaqar Ahmed, Joint Executive Director, SDPI said Pakistan's exports to the UK have been on a gradual increase largely due to the GSP+ facility provided by the European Union.