Pakistan Enjoys Trade Surplus with Italy
3rd August 2021.
In the fiscal year 2021, Pakistan’s export to Italy has expanded by 49% on yearly basis. The growth rate has hit $786 million this year. The growth rate has increased regardless of covid-19 has reached the market of Italy. The statement received by the embassy to media refers to the trade surplus Pakistan enjoyed with Italy of almost $300 million.
Italy was one of those countries that faced severe consequences of the Pandemic. The GDP of the country declined by 9.6 % last year and the imports from countries other than the EU reduced to 14 %. The GDP rate that fell was highest after WW2.
Pakistan’s Ambassador to Italy Jauhar Saleem mentioned that in times of corona and Pandemic it was difficult to maintain your trade system yet Pakistan has progressed in terms of years that are under consideration. The trade was progressive due to effective exports and concentrated imports. Pakistan kept up with its situation as a market pioneer in rice with a 37.4% offer
The worker’s remittances increased to $601 million in Italy. It is 66% higher as the remittances were $ 369 million last year. In this way, Italy became Pakistan’s 7th largest global worker remittances and 1st one in the EU. The ambassador hopes that this progressive growth remains enactive next year as well.
Both the countries agreed upon the negotiation of the labor market agreement which will give access to Pakistan into the Italian labor market. Pakistan has also been involved in the Italian Seasonal Work Visa for 2022 which will open the gates of opportunity to our labor class.
Pakistan is on a mission to work on joint ventures with Italy and bring their investment into the country. The situation of covid has restricted investors to come and start working on further initiatives especially in terms of tourism. The ambassador said that Pakistan has been appointed as the head of the International Development Law Organization for two years which can be a beacon for many opportunities.
Please contact the Legal Research Institute of Pakistan for further assistance