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Pakistan, Romania sign trade treaty

Pakistan and Romania on Monday signed a treaty to enhance bilateral trade that has so far remained below $100 million.Both the countries signed the Agreement on Economic, Technical and Scientific Cooperation. Economic Affairs Division Secretary Abdul Wajid Rana and Romanian Ambassador Emilian Ion inked the accord, said an official handout of the finance ministry.

The agreement will promote cooperation between the two countries in the fields of industry, agriculture, forestry, energy, research and development.Moreover, both the countries will also find new avenues to cooperate in the areas of telecommunications, computing and informatics, transport, logistics, environment protection, tourism, investment promotion, small and medium enterprises, education, health care and science and technology.

Romania – a European Union member state – has a population of 21.2 million, which is almost nine times less than Pakistan and its per capita income is around 10 times more than that of Pakistan. The eastern European state's total economy was worth $254 billion and estimated per capita income was $11,860 for the year 2010.

In financial year 2010-11, bilateral trade stood at $84 million, tilted in favour of Pakistan. Romania exported $26 million worth of goods while Islamabad's exports stood at $58 million. Textiles, livestock and plastic remained the top three export items of Pakistan while Romania mainly exported wooden products and electrical devices.

Under the agreement, a Pakistan-Romania joint commission will also be set up. The commission will work for identification of new development opportunities, develop proposals for economic cooperation between government institutions and set up ad hoc or permanent expert working groups and committees.The commission will meet at least once a year alternately in Pakistan and Romania and review progress of decisions taken in previous meetings.(Source:tribune.com.pk)

Sursa: http://www.actmedia.eu

Tags: pakistan romania million trade

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