ISLAMABAD – The Italian Ambassador to Pakistan, Andreas Ferrarese said hereon Sunday that he perceived more trade potential between Pakistan and Italyin different sectors of the economy that would help evolve tradeequilibrium between both the sides.
“Both the sides want equilibrium and to achieve trade balance as currently,Pakistan had a trade surplus in bilateral trade with Italy as was observedin FY 2019-20,” the ambassador said this in an interview with APP.
Replying to a question he said Pakistan exports to Italy were US $731million during 2019-20 while Pakistan’s major exports to Italy includedtextile, leather, rice, ethanol, including textiles articles, sets, wornclothing, Cotton ,apparel, crocheted, Cereals, raw hides and skins,leather, beverages, spirits and vinegar, Plastics, footwear and gaiters.
The ambassador said in FY 2019-20, Pakistan’s imports from Italy stood atUS $ 521 million and included ships, boats, and other floating structures,machinery, pharmaceutical product, aircraft, spacecraft, electrical,electronic equipment, Organic chemicals, iron and steel, miscellaneouschemical products, optical, photo, technical and medical apparatus.He said currently, Italy was providing technical assistance in textiles,leather and marble sectors.
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The Ambassador, Andreas Ferrarese said his government prioritized toenhance bilateral trade between Pakistan and Italy to its full potential ofUS $ five billion annually in the next three years from current US $ 1.7billion.
He said dairy and livestock, olives and olive products, plastics, processedfood and construction sector were the areas where Italy could extend itscooperation with Pakistan.The Pak-Italy Joint Economic Commission was the forum for bilateraleconomic engagement and was expected to meet in Rome in the last quarter ofthis year.
