The Italian Ambassador to Pakistan, Andreas Ferrarese has stressed need to enhance the bilateral trade between Pakistan and Italy to its full potential from current $1.7 billion to $5 billion annually.
In an interview with Associated Press of Pakistan, he said both sides are interested to achieve the trade balance as currently Pakistan has a trade surplus with Italy in FY 2019-20.
Replaying about the expectation of Preferential Trade Agreement (PTA) between Pakistan and Italy, he said Italy is part of the European Union and it is fully supporting Pakistan in Generalized Scheme of Preferences (GSP+) status in every review.
The Ambassador said Italy has become the largest contributor from the EU in home remittances to Pakistan as Pakistani workers contributed $142.9 million in home remittances in FY 2019-20.
The Ambassador Ferrarese said a new economic mission will also be established in Pakistan to enhance trade and economic connectivity with Pakistan.