Italian Ambassador vows to enhance bilateral trade with Pakistan

Italian Ambassador vows to enhance bilateral trade with Pakistan

ISLAMABAD - The Italian Ambassador to Pakistan, Andreas Ferrarese said here on Sunday that he perceived more trade potential between Pakistan and Italy in different sectors of the economy that would help evolve trade equilibrium 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 observed in 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 included textile, leather, rice, ethanol, including textiles articles, sets, worn clothing, 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 at US $ 521 million and included ships, boats, and other floating structures, machinery, pharmaceutical product, aircraft, spacecraft, electrical, electronic equipment, Organic chemicals, iron and steel, miscellaneous chemical products, optical, photo, technical and medical apparatus. He said currently, Italy was providing technical assistance in textiles, leather and marble sectors.

The Ambassador, Andreas Ferrarese said his government prioritized to enhance bilateral trade between Pakistan and Italy to its full potential of US $ five billion annually in the next three years from current US $ 1.7 billion.

He said dairy and livestock, olives and olive products, plastics, processed food and construction sector were the areas where Italy could extend its cooperation with Pakistan. The Pak-Italy Joint Economic Commission was the forum for bilateral economic engagement and was expected to meet in Rome in the last quarter of this year.