Pakistan releases statement after India and EU announce ‘mother of all trade deals’
In a recent development, India and the European Union (EU) have announced a landmark trade deal, dubbed the “mother of all trade deals”. This announcement has sent ripples across the global trade landscape, with many countries taking notice of the potential implications. Pakistan, in particular, has been swift to respond to the news, releasing a statement to address the concerns and implications of this trade deal on its own trade relations with the EU.
Commenting on India and EU’s “mother of all trade deals”, Pakistan said, “We are aware of this agreement. We have seen reports and as well as the content.” This statement suggests that Pakistan is closely monitoring the situation and is aware of the potential consequences of this trade deal on its own trade relationships. Pakistan further added, “Pakistan maintains long standing friendly…relations with EU…The EU GSP+ scheme for Pakistan has proven to be a win-win…for bilateral cooperation…The total volume between our two sides stands at €12 billion,”
This statement highlights the significance of Pakistan’s trade relationship with the EU, which is built on a foundation of mutual cooperation and friendly relations. The EU’s Generalized System of Preferences Plus (GSP+) scheme has been a crucial factor in promoting trade between Pakistan and the EU, providing Pakistani exporters with preferential access to the EU market. The total trade volume between Pakistan and the EU stands at an impressive €12 billion, underscoring the importance of this trade relationship for both parties.
The India-EU trade deal has raised concerns in Pakistan about the potential loss of its tariff edge in the EU market. With India and the EU agreeing to reduce tariffs on a wide range of goods, Pakistani exporters may find it challenging to compete with their Indian counterparts. To mitigate this risk, Pakistan has engaged with the EU to safeguard its exports and ensure that its trade relationship with the EU remains robust.
Pakistan’s swift response to the India-EU trade deal is a testament to its commitment to protecting its trade interests. By engaging with the EU and emphasizing the importance of their bilateral trade relationship, Pakistan is seeking to ensure that its exports to the EU market remain competitive. The EU GSP+ scheme has been a vital component of Pakistan’s trade strategy, and the country is keen to maintain its benefits under this scheme.
The India-EU trade deal is expected to have far-reaching implications for global trade, and Pakistan is not the only country that is taking notice. Other countries, including those in the region, will be closely watching the developments and assessing the potential impact on their own trade relationships. As the global trade landscape continues to evolve, countries like Pakistan will need to be proactive in protecting their trade interests and adapting to the changing circumstances.
In conclusion, Pakistan’s statement on the India-EU trade deal reflects its commitment to maintaining a strong trade relationship with the EU. By emphasizing the importance of their bilateral trade cooperation and the benefits of the EU GSP+ scheme, Pakistan is seeking to safeguard its exports and protect its trade interests. As the global trade landscape continues to shift, Pakistan’s proactive approach to trade diplomacy will be crucial in ensuring that its trade relationships remain robust and competitive.
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