Prime Minister Shehbaz Sharif, Field Marshal Syed Asim Munir and cabinet ministers attend the exchange of documents between the government and Arif Habib consortium on privatization of PIA in Islamabad. Photo: Express
ISLAMABAD:
Prime Minister Shehbaz Sharif on Thursday reaffirmed Pakistan’s commitment to strengthening trade and economic cooperation with the European Union (EU), notably through the Generalized System of Preferences Plus (GSP+) preferential trade programme.
Speaking after a meeting with EU Ambassador to Pakistan Raimundas Karoblis at the Prime Minister’s House, the Prime Minister stressed that Pakistan was committed to working closely with the EU on mutually beneficial trade-enhancing initiatives. The GSP+ system offers developing countries preferential access to European markets in exchange for commitments to sustainable development, good governance, human rights, labor rights and environmental protection. Eligible countries are required to implement 27 international conventions covering these areas and, in return, the EU reduces import duties to zero on more than two-thirds of the tariff lines applied to its exports. Pakistan is currently one of eight countries benefitting from this program.
Prime Minister Shehbaz highlighted the vital role of the GSP+ program in boosting trade between Pakistan and the EU and pledged the government’s full support to strengthen trade relations under this program. He also highlighted Pakistan’s broader commitment to strengthening cooperation with the EU in multiple areas of mutual interest, including investment, development, security, migration and climate change.
Ambassador Karoblis, who took office a few months ago, expressed gratitude for the warm welcome given to his arrival and reaffirmed the EU’s commitment to deepening its engagement with Pakistan. He stressed that promoting trade under the GSP+ program and broader trade initiatives remains a priority for the EU. The Ambassador also welcomed the upcoming first EU-Pakistan Business Forum, scheduled for April, as a platform to further strengthen bilateral business and investment ties.
The Prime Minister discussed the outcomes of the seventh Pakistan-EU Strategic Dialogue, held in Brussels last November under the leadership of Deputy Prime Minister and Foreign Minister Senator Ishaq Dar. During the dialogue, both sides reiterated their commitment to expanding trade and investment ties, notably through the GSP+ system, and emphasized sustained collaboration on the economic, security and development fronts.
Privatization of the PIA
In another development, Prime Minister Shehbaz Sharif said Pakistan International Airlines (PIA) was poised to reach new heights under the leadership of the Arif Habib Consortium, which recently acquired the national airline as part of the government’s privatization initiative. Speaking at the signing ceremony of the transaction documents, the Prime Minister said the privatization of PIA marks a historic step towards improving the airline’s performance, punctuality, cabin service and professional standards.
He congratulated the nation on the successful signing of the privatization agreement and congratulated Arif Habib and his team as distinguished business ambassadors of Pakistan who have contributed significantly to the progress of the country. Prime Minister Shehbaz added that the new ownership will prioritize passenger comfort and safety, ensuring a modern and professional airline experience.
These initiatives, he said, reflect the government’s broader strategy to strengthen Pakistan’s economic growth through strategic partnerships, international trade and modernization of key national institutions.
