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Germany fully supports Pakistan for getting Gernalized System of Preference (GSP) Plus status by European Union and intends to invest in Pakistan as a production base for exports to other SAARC countries.
This was said by Ambassador of Germany to Pakistan Dr. Cyrill Nunn in a meeting with Senior Commerce Minister Makhdoom Amin Fahim here on Thursday. The ambassador remarked that Germany is desirous and committed to further enhancing trade relations and many German companies are keen to invest in Pakistan especially in energy and power sector.
Besides huge economic benefits of GSP Plus status to Pakistan, this scheme will also be favorable for Germany in political terms as after implementation of GSP Plus, Pakistan will strictly comply all human rights matters in return, added by ambassador.
Senior Commerce Minister thanked Germany for playing positive role in GSP Plus status to Pakistan and for support in getting enhanced market access for Pakistani products in EU. The meeting was informed that Germany and Pakistan are working on strengthening bilateral trade relations besides Pakistan specific trade relations with EU.
In this context, Agriculture Minister of Germany is going to visit Pakistan after two months talk on agricultural trade products with Pakistan, informed by Ambassador. In the same way, Minister for Foreign Affairs of Pakistan Hina Rabbani Khar is planning to visit Germany in next month.
The meeting also discussed fisheries exports to EU.
Senior Commerce Minister informed ambassador that our fisheries establishments are now meeting international standards and we hope to get early resumption of fisheries exports to EU and Germany may assist Pakistan in this matter. It is worth mentioning here that Germany is Pakistan’s largest trading partner within the European Union accounting for 20 percent of Pakistan’s total exports to the EU and 21% of Pakistan’s total imports from the EU.
Pakistan’s exports to Germany have increased from US$ 579.8 million in 2002-03 to US$ 1.27 billion in 2010-11 and imports from Germany have increased from US$ 562.5 million in 2002-03 to USS$ 938.48 million
in 2010-11.