ISLAMABAD, Jan 22 (APP): The Federal Minister for Commerce
Engr. Khurram Dastgir Khan will leave on four days official visit to Brussels on January 22 (today).
He will hold meetings with senior officials of European
Commission and members of European Parliament and will chair
conference of trade officers based in Pakistan missions in Europe
besides meeting with Pakistani community in Belgium, said a press
The Minister will also address a Briefing Seminar entitled
“Pakistan’s Changing Reality: An Opportunity for Peace and
Development” organized by a prestigious think tank, the European
Institute of Asian Studies.
During his meetings, the Minister will apprise the concerned
officials of the EU Commission and the European parliamentarians of
the growing economic potential of Pakistan in the awake of improved
law and order situation and institutional reforms carried out by the
government of Pakistan.
He will also share improvements achieved in conditions of
production sector in Pakistan.
Pakistan has been ranked 52nd, ahead from India (60th), among
79 developing economies in the Inclusive Development Index (IDI),
according to report of World Economic Forum’s `Inclusive Growth and
Development Report 2017′, released in Davos on 16th January this
Pakistan’s ranking in terms of Global Competitiveness Index
(GCI) 2016-17 has also witnessed improvement by four notches as it
stood at the 122nd position in 2016-17 against the 126th position
previous year 2015-16 out of the total 138 countries.
According to Asian Development Outlook 2016 Report, growth
forecast for Pakistan has been raised to 5.2 % for 2017 as in 2016
Pakistan’s GDP growth was 4.7% and was higher than the target of 4.5
%. Government’s macroeconomic and structural reform and improved
security are counted among major factors for outpacing earlier
growth forecast. Inflation and the current account deficit were
lower than expected, while foreign exchange reserves strengthened
and the budget deficit shrank.
Pakistan’s trade with European Union has acquired significance
after the grant of GSP+ status to Pakistan. According to the figures
provided by Eurostat the total volume of trade for 2015 was 10,499
million Euros as compared to 9,603 in 2014 and 8,377in 2013.
In 2015 exports from Pakistan constituted 6,071 million Euros
and imports from EU stood at 4,428. In 2016 for the period January
to August Pakistan’s exports to EU were 4,207 million Euros as
compared to 4,088 in the corresponding period in 2015 showing an
increase by 3%. Home textiles, clothing, footwear, cotton, surgical
instruments, leather and sports goods comprise major portion of
Pakistan’s exports to the EU.