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 comprehensive free trade agreement, dubbed as the “mother of all trade deals”. This move is expected to have significant implications for the global trade landscape, and neighboring countries are taking notice. Pakistan, in particular, has released a statement in response to this announcement, highlighting its existing friendly relations with the EU and the benefits of their bilateral cooperation.
According to Pakistan, “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 implications of the India-EU trade deal. Pakistan’s response is measured, and it emphasizes the country’s long-standing friendly relations with the EU. As stated, “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.”
The EU’s Generalized System of Preferences Plus (GSP+) scheme has been a significant factor in Pakistan’s trade relations with the EU. This scheme provides preferential access to the EU market for Pakistani exports, and it has contributed to the growth of bilateral trade between the two sides. The total volume of trade between Pakistan and the EU stands at an impressive €12 billion, highlighting the importance of this relationship for Pakistan’s economy.
However, the India-EU trade deal has raised concerns in Pakistan about the potential loss of its tariff edge. The GSP+ scheme provides Pakistani exports with a competitive advantage in the EU market, and the new trade deal between India and the EU could erode this advantage. Pakistan is likely to engage with the EU to safeguard its exports and ensure that its trade interests are protected.
The India-EU trade deal is expected to have far-reaching implications for the global trade landscape. The agreement will provide Indian exports with preferential access to the EU market, and it will increase competition for Pakistani exports. Pakistan will need to navigate this new trade environment carefully to ensure that its exports remain competitive.
In response to the India-EU trade deal, Pakistan has engaged with the EU to discuss the potential implications of the agreement. Pakistan’s goal is to safeguard its exports and protect its trade interests. The country is likely to seek assurances from the EU that its GSP+ scheme will remain in place and that its exports will continue to receive preferential access to the EU market.
The India-EU trade deal is a significant development in the global trade landscape, and it will have important implications for Pakistan’s trade relations with the EU. Pakistan’s response to the deal is measured, and it highlights the country’s commitment to its bilateral cooperation with the EU. As Pakistan navigates this new trade environment, it will be important to monitor the situation closely and to assess the potential implications of the India-EU trade deal for Pakistan’s economy.
In conclusion, the India-EU trade deal is a significant development that will have important implications for the global trade landscape. Pakistan’s response to the deal is measured, and it highlights the country’s commitment to its bilateral cooperation with the EU. As Pakistan engages with the EU to safeguard its exports, it will be important to monitor the situation closely and to assess the potential implications of the India-EU trade deal for Pakistan’s economy.
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