Belgium can serve as transit destination for Pakistan’s exports: envoy

LAHORE: Belgium could be a good transit destination for Pakistani exports to Europe, a diplomat said on Wednesday.

Speaking at a meeting at the Lahore Chamber of Commerce and Industry (LCCI), Ambassador of Belgium to Pakistan Philippe Bronchain said that his country wants exporters to establish warehouses/display centres in Belgium for ensuring early transportation of goods to the EU member countries.

The ambassador said Pakistan would get the GSP Plus status after implementing conventions, adding that the visa policy would be relaxed after normalisation of the situation.

Kabir said that both countries have been steady trading partners. Pakistan has a favourable balance of trade with Belgium that comes simultaneously at the sixth place among the top importing, as well as exporting countries in the European Union.

In ‪2019/20, the volume of bilateral trade was $824 million, which went up to slightly more than $1 billion in ‪2020/21 due to the rise in imports and exports between the two countries.

During that period, Pakistan’s exports to Belgium increased to $588 million from $517 million, while imports surged to $420 million from $307 million.

Following the same trend, Pakistan’s exports to Belgium during the first four months of the current financial year reached $228 million and imports have been recorded up to $171 million, he said.

“Hopefully, by the end of this financial year, we will succeed in achieving better trade figures. We need to make joint efforts to take the level of bilateral trade to at least $2 billion,” he said.

Kabir said that there were bright prospects for increasing trade through diversification of products on the basis of GSP Plus status awarded by the European Commission, adding that there were also good prospects for undertaking joint venture projects in agro food processing, dairy, fertilisers and many more.

“We also value the increasing academic cooperation between the two countries, as a growing number of Pakistani students are studying in Belgian Universities,” he added.

LCCI senior vice president Mian Rehman Aziz Chan, vice president Haris Ateeq, Executive Committee members and Belgian Trade Commissioner Abid Hussain were also present on the occasion.