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 agreement, which has been dubbed as the “mother of all trade deals”. This move has sent ripples across the global trade landscape, with many countries taking notice of the potential implications of this agreement. Pakistan, in particular, has been swift to respond to this development, releasing a statement to address the concerns and implications of this trade deal.
According to reports, the Indian government has been actively engaged with the EU to negotiate a comprehensive free trade agreement (FTA), which aims to reduce tariffs and increase trade between the two regions. The EU, being one of the world’s largest trading blocs, presents a significant market for Indian exports, and this agreement is expected to provide a major boost to India’s economy. However, this development has also raised concerns among other countries, including Pakistan, which has traditionally enjoyed a favorable trade relationship with the EU.
Commenting on the India-EU trade deal, 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 implications of this trade deal on its own trade relationships with the EU. Pakistan has historically maintained a strong trade relationship with the EU, with the EU being one of its largest trading partners.
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 the EU-Pakistan trade relationship, which has been facilitated by the EU’s Generalized System of Preferences (GSP+) scheme. This scheme provides preferential access to the EU market for Pakistani exports, and has been instrumental in promoting bilateral trade between the two regions.
The EU’s GSP+ scheme has been a major factor in promoting Pakistani exports to the EU, with the total trade volume between the two sides standing at €12 billion. This scheme has provided a significant tariff advantage to Pakistani exports, allowing them to compete effectively in the EU market. However, with the announcement of the India-EU FTA, there are concerns that Pakistan may lose its competitive edge in the EU market.
The Indian-EU FTA is expected to reduce tariffs on Indian exports to the EU, which could potentially erode the tariff advantage currently enjoyed by Pakistani exports. This could have significant implications for Pakistan’s trade balance, as the EU is a major market for Pakistani exports. In order to mitigate the potential impact of this agreement, Pakistan has engaged with the EU to safeguard its exports and ensure that its trade interests are protected.
According to reports, Pakistan has been actively engaging with the EU to discuss the potential implications of the India-EU FTA and to explore ways to safeguard its exports. Pakistan is seeking to ensure that its trade relationship with the EU remains unaffected by the India-EU FTA, and that its exports continue to enjoy preferential access to the EU market.
In conclusion, the announcement of the India-EU FTA has significant implications for the global trade landscape, and Pakistan is taking proactive steps to safeguard its exports and protect its trade interests. The EU-Pakistan trade relationship is an important one, and Pakistan is seeking to ensure that this relationship remains unaffected by the India-EU FTA. As the situation continues to evolve, it will be important to monitor the developments and assess the potential impact on Pakistan’s trade balance and economy.
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