Pakistan-Italy JEC meeting held

Islamabad, January 31, 2018 (PPI-OT):The 3rd session of Pak-Italy JEC was hosted by Ministry of Economic Development, Italy in ICE Headquarters at Rome on 29-30 January 2018. The Pakistan delegation was led by Rana Muhammad Afzal Khan, Minister of State for Finance while the Italian delegation was headed by Ivan Scalfarotto, Deputy Minister, Italian Ministry of Economic Development.

The two sides reviewed the economic situation in both countries and discussed areas of bilateral economic cooperation. Views were exchanged on the current economic conditions and prospects of enhancing bilateral commercial and investment relationship. While noting that there was an increase in bilateral trade during the past year, the two sides agreed that the current level of bilateral trade and investment did not fully reflect the potential of their economies.

Both sides acknowledged the need of increasing the total trade flows by facilitating market access and diversifying the range of goods and services. It was agreed to increase institutional collaboration, promote SME development and collaborate in important sectors like livestock, energy, infrastructure, oil and gas, transport management and chemicals.

Both sides also agreed to remove the bottlenecks in promotion of trade. Pakistan and Italy signed three letters of Intent (LOIs) for cooperation in Textiles, Footwear and Stone sectors. An MoI was also signed between Pakistan Stone Development Company (PASDEC) and its Italian counterpart Confindustria Marmomacchine. The Italian Dy. Minister also on the occasion hosted luncheon in honour of both delegations.

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