At the conclusion of a meeting of the Pakistan-Italy Joint Economic Commission on Monday, Italy’s Deputy Minister for Economic Development Ivan Scalfarotto said that his country is in favour of free trade with Pakistan under the umbrella of the European Union (EU). The two countries, Pakistan and Italy have identified areas of cooperation to have greater economic and commercial exchanges for mutual benefit.

Ivan Scalfarotto said that Italy wants to increase bilateral trade with Pakistan, adding that the China-Pakistan Economic Corridor (CPEC) will enhance global connectivity. Italian companies involved in communications and construction have ample opportunities to take part in the CPEC.

Parliamentary Secretary for Finance and Economic Affairs Rana Muhammad Afzal Khan stated that Italian companies can make investments in textile, energy, agriculture, marble and infrastructure projects.

Pakistani exports to Italy consist of textiles, clothing and leather apparel. Around 90 percent of Pakistan’s exports to Italy are textile- and leather-related products and almost half of Italy’s exports to Pakistan fall in the category of machinery and equipment.

Italy is a major trading partner of Pakistan. It is Pakistan’s largest export destination within the EU after the United Kingdom and Germany.

The Pakistan-Italy Business and Investment Forum to take place today will explore ways to enhance trade and economic relations between the two countries. Mr Scalfarotto will lead a delegation of businessmen for a meeting with the Pakistani business community.

Currently, the volume of bilateral trade stands at $1.4 billion, will be enhanced to $1.8bn next year. .

The joint commission meeting between Pakistan and Italy took place after 10 years. The last session was held in Rome in March 2006.