Pakistan and European Union have agreed to face security, food, and challenges with the cooperation of both sides. The 14th Pakistan-EU join Commission meeting was held in Islamabad (ICT) where discussions were made on the political situation and the formation of a new college commission.
In this meeting, the European Union remarked on political development, independent media, and democratic values and reiterated the value of civil society, judicial independence, and human rights, which are specifically “must-do” things for democratic elections in the country. On the concern of Hindu-Muslims, both sides shared ideas for freedom and the rights of minorities.
Pakistan and the EU also gathered on the trading sector. Since 2014, both countries have been satisfied with the status of the EU and GSP+ and further discussed making strong and positive trade connections with each other, which can strengthen their relations and develop their future in the trade sector. The European Union has supported Pakistan’s efforts in the development of green energy projects.
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In addition to this, the upcoming meeting of Pakistan and the European Union has decided to be held in 2025 in Brussels, that meeting will express the need and increase cooperation in agriculture, democracy, taxation and other sectors.
Pakistan’s Relations with the EU
Pakistan has been in a good-faith relationship with the European Union (EU) for a long time to boost the development of human rights, political cooperation and trading. Pakistan is already in a political crisis and faces several difficulties in human rights and democracy to make it independent. EU considered Pakistan as a trader and investment partner and both work together for better results.
External relations with the EU are based on the foreign policy of Pakistan, other countries like China, the United States of America, UK continue supporting Pakistan in balancing the power interest, and human rights, and providing loans on interest are included. Pakistan is getting loan support from the IMF and other nearest countries and organizations that support Pakistan in facing the economic crisis.
Major Issues in Pakistan
Poverty: Among other issues, Pakistan country has poverty due to limited resources and awareness. With the cooperation of external projects of UNDP, and other – Pakistan started a campaign nationwide to aware people. The government announced youth skill development programs with monthly stipends to make them eligible for income sources.
Lack of Business Opportunities: International companies do not want to open their branches in Pakistan and invest the money – that can economically support Pakistan to be a strong country. In recent times, many international companies like fuel, food, airlines and other companies.
List of Companies left Pakistan
- Shell
- Telenor
- Lotte Chemicals
- Airlift
- VAVA Cars
The question arises that why international companies decided to leave Pakistan, the government imposed additional taxes on companies in Pakistan to reach IMF instalment targets. In previous article, it is discoed that how Pakistan borrowed the loan from the IMF and its effects on Pakistan both – pros and cons discussed.
At this time, Pakistan is in a major challenge in politics and economics – the current government making efforts to get another instalment from the IMF which can support the country for economic stability. Recently, the World Bank has stopped the issuance of funds to Pakistan, the reason not disclosed by the World Bank.
Foreign Investor Countries in Pakistan
Pakistan invites foreign countries to invest their money in Pakistan in different sectors – the economy will be boosted and employment opportunities will increase. The large foreign investor country is China which is the closest friend of Pakistan, both countries work with loyalty on CPEC, a coal mining project in Thar. Pakistan imports electrical instruments, tools, gadgets and other assets from China instead of other countries.
Not only does China invest money in Pakistan, but other countries like the United Arab Emirates and Canada also have investors with net FDI of $177.37 million in Pakistan in power sectors and others. Data revealed that Pakistan exports things and goods to Europe in large numbers yearly.
What Pakistan Export to Europe?
Specifically, Pakistan exported cloths and textiles to Europe countries by approximately 73.2% in 2023. The data unveiled that instead of this, Pakistan imports chemicals, transport and machinery equipment from Europe. To promote the trading between two countries, Pakistan and the EU have set a trading sub-group to achieve the targets.
These two trading sectors are the backbone of Pakistan, the textile and cloth sectors are known as the backbone of the Pakistani economy – Pakistan exports around 80% of cloths and textiles to Europe as per data of 2023. The trade with Europe opens doors globally to export its goods to every European country through GSP trade preferences.
Pakistan has the largest trading partner in Europe content is the Netherlands, with 19.50% the Netherlands is at the top list of countries who has more shares in exports with Pakistan instead of others. Europe is known for its highest exports of cars, refined petroleum, motor vehicles and its parts.
The data for 2022 shows that Europe has exported $6.57T including, car parts and more. While it has import ratio was recorded 7Trillion. Germany is the main exporter & importer with a maximum number of 1.6/1.49 Trillion. Notably, the internal trade in Europe content is around 60% according to the OEC.
Pakistan has good-tempered relationship with European countries in the history, the way of growing economy of Pakistan considered these countries.
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