Pakistan shares even less than one per cent to the total exports to the European Union worth $7.3 billion export despite the fact that country has strong potential of growth in textile exports to EU countries.

This was stated by Gunnar Wigemark, Ambassador of the European Union to Pakistan, during his visit to APTMA House here on Thursday. Vice Chairman APTMA Wisal Monnoo welcomed the EU Ambassador and briefed him about the functioning of APTMA and various initiatives, Association is undertaking for the sustainability of the industry.

He said the textile industry was keenly looking forward to market access from the EU. Ambassador said that as per new EU regulations, Pakistan qualifies for GSP Plus status but to get the status it would have to submit an application to the EU Commission in Brussels.

He said that new regulations have been adopted to accommodate countries such as Pakistan as EU treats its trade partners equally. For attainment it is imperative that Pakistan’s Government to timely negotiate as the EU Commission in Brussels will take at least six month time to evaluate application.

The EU Ambassador to Pakistan said economic ties are fundamental to the EU relations with Pakistan. The EU is largest trading partner of Pakistan and it is a strong supporter of free trade. He said Pakistan is very strong in textile sector and all its products are of high quality value despite the difficulties including energy shortage, law and order situation and political uncertainty. The EU was cooperating with Pakistani companies in meeting EU standards for trade purposes. He appreciated the role of Pakistan government is winning trade concessions from the EU on export of 75 items.

Meanwhile, the Ambassador during his visit to the LCCI apprised that European Union (EU) is the largest trading partner of Pakistan with an annual trade volume of over 8 billion euro. Pakistan is an attractive market for EU for trade and investment. The Pakistani diaspora in EU is also strong. EU maintains single trade, goods, services and currency.

He articulated that on 23 January 2012 the EU Foreign Affairs Council, consisting of the Foreign Ministers of all 27 Member States in the European Union approved a joint EU-Pakistan 5 year Engagement Plan, including cooperation in a wide range of areas from trade to foreign and security policy.

The LCCI Senior Vice President Irfan Iqbal Sheikh said that Pakistan is keen to enhance its exports to the European Union markets as both thqe sides have very strong bond in the areas of trade and business.

The LCCI Senior Vice President said that Pakistani textiles, Engineering components, Tractors, food items and leather products have a huge potential in EU therefore these products must be focused on.He said that in the last three years Pakistan’s export to the European Union have been steady and on the rise.