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New Agreements on Cooperation Between Italy and Pakistan

Written by: Editor

Italy and Pakistan have recently signed new agreements on cooperation for specific economic activities. At the Pak-Italy Joint Economic Commission, the parties signed three letters of intent for cooperation in the fields of textiles, footware and stone. For the latter business activity, the parties also concluded a memorandum of understanding, set up between the institutions regulating this field of operations. Our team of lawyers in Italy can assist businessmen with advice on other agreements signed in this country. 
 

Business relations between Italy and Pakistan 

 
The representatives of Italy and Pakistan have discussed on the manner in which bilateral relations can be further enhanced and, at the same, how to increase the level of investments between the two states; our team of Italian lawyers can advise on the legislation for investments applicable here.
 
It was noted that the bilateral trade between Pakistan and Italy increased in 2016 and that this activity can be further developed, as it did not reach its full potential. In order to increase the business activities between the two countries, the representatives of both states mentioned that it is necessary to facilitate the market access of companies operating in various business fields, as well as to diversify the range of goods and services traded between Italy and Pakistan
 
In this sense, the parties have agreed on the following:
 
increase the level of institutional collaboration;
promote the development of small and medium sized companies;
promote specific business activities. 
 
The main business operations that will be promoted in the near future are: 
 
livestock;
energy;
infrastructure;
oil and gas;
transport management;
chemicals. 
 

Trading between Italy and Pakistan 

 
Following the access of Pakistan at the generalized scheme of preferences (GSP) concluded with the European Union, the trading activities between Italy and Pakistan have increased in the last four years by 35%. In 2014, Pakistan entered the GSP Plus, which allowed it to import products on the European Union’s market without duties, a regulation which is available up until 2023. 
 
If at the level of 2013, the total level of trade between the two countries was set up at EUR 909.96 million, in 2016, it reached EUR 1.2 billion
 
Businessmen are invited to contact our law firm in Italy for further information on the applicable regulations related to the business sectors presented above. 
 

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