Fiscal bonding in Vienna


Pakistan and Austria have decided to expand existing bilateral trade and investment relations. The delegation of both countries held bilateral political consultations in Vienna.
The Pakistan delegation was led by Ms. Ayesha Riyaz, Additional Secretary (Europe & FoDP), Ministry of Foreign Affairs while the Austrian Delegation was led by Ms. Gabriele Meon-Tschurtz, Head of the Asia Division at the Austrian Ministry for European & International Affairs. The friendly relations between Pakistan and Austria span over more than five decades. Austria, a member of both the EU and the OECD, is an economically developed Western-European nation, hosting the third-largest UN Headquarters in Vienna. Diplomatic relations between Pakistan and Austria were established in 1956. Ever since then both the countries have been enjoying cordial relations.
During the Bilateral Consultations, the two sides took stock of the current status of bilateral relations including political ties, economic cooperation, trade and investment, collaboration in the field of education and science & technology, and cultural and parliamentary exchanges. Both sides emphasised the need to enhance higher level political contacts, including parliamentary exchanges, to further intensify the existing bilateral relations.
They noted that there has been a steady growth in the bilateral trade volume over the past years, and agreed to undertake suitable measure to sustain this positive trend. The two sides also agreed to convene the 5th session of the Pakistan-Austria Joint Working Group on Trade and Economic Cooperation at an early date.
The Additional Secretary briefed the Austrian side in detail on the investment opportunities in the country. Both the sides noted with satisfaction that OMV, an Austrian oil and gas company, has one of its largest overseas investments in Pakistan. They agreed to strengthen interaction between their respective business communities to further expand the existing trade and investment relations.
The two sides exchanged views on regional and international issues of mutual interest including the situation in Afghanistan and counterterrorism.