Pakistan and Italy Agreement for Cooperation in Multiple Sectors
Pakistan and Italy have recently signed an agreement titled ‘Roadmap for Cooperation’ encompassing various sectors such as Trade & Investments, Heritage, Culture, Climate Change, Agriculture, Higher Education, Technical Cooperation, and Transfer of Technology.
The 5th Session of the ‘Pakistan-Italy Joint Economic Commission’ (JEC) took place in Rome, Italy, on May 29, 2023, co-chaired by Senator Sherry Rehman, the Minister for Climate Change & Environmental Coordination, and Maria Tripodi, the Deputy Minister for Foreign Affairs & International Cooperation.
Both parties expressed their appreciation for the upcoming establishment of the ‘Italian Trade Agency’ Office in Islamabad, scheduled to open the following week. They also agreed to establish a collaborative ‘Joint Framework’ to address Climate Change and foster cooperation in Water Management.
The significant bilateral trade of $2 billion in 2022, including Pakistani exports exceeding $1 billion and nearly $1 billion in home remittances from the largest expatriate Pakistani community in Italy, comprising 300,000 individuals residing across the country, were commended by both sides.
During the event, Pakistani businessmen representing Leather, Textiles, and Footwear Associations actively participated in the ‘G2B Session,’ alongside their Italian counterparts from national Chambers, Trade & Investment Finance Agency (SIMEST), Italian Trade Agency (ITA), and industries related to Footwear, Textiles, Agricultural Machinery, and Olive Culture.
The finalization of the ‘Agreement for Abolition of Visas for Diplomatic Passports’ was welcomed, and both parties reaffirmed their commitment to expedite negotiations on the framework for ‘Migration & Labour Mobility’ and other ongoing agreements.
The event concluded with the co-chairs signing a comprehensive ‘Roadmap for Cooperation,’ outlining the areas of collaboration in Trade & Investments, Heritage, Culture, Climate Change, Agriculture, Higher Education, Technical Cooperation, and Transfer of Technology mentioned earlier.
The next session of the Joint Economic Commission (JEC) will be hosted in Islamabad at a mutually convenient time in the future.
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