Pak Romania trade ties

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Pakistan and Romania have had historical relations since the establishment of diplomatic relations between both countries back in 1964. The two countries have longstanding collaboration in political, economic, cultural, and scientific fields with bilateral trade between the two countries increasing by around 50.6 percent during the last fiscal year despite the COVID challenge. Romania is a middle-sized European country and among the fastest-growing economies in the European Union. The country has expertise in mining, agricultural products, pharmaceuticals, cement production, alternate energy sources, information technology (IT), and manufacturing of helicopters as well as defence industry. Recently, Foreign Minister Makhdoom Shah Mahmood addressed a joint press conference with his Romanian counterpart Bogdan Aurescu.  He rightly pointed out the huge potential that existed for the Romanian investors in Pakistan. This will not only promote bilateral trade ties but will also highlight the prospects of Pakistan being a hub of exports to Central Asia as the new markets are now being opened up for the world. China Pakistan Economic corridor and construction of Gwadar Port can further open the world to the landlocked Central Asian Republics and Afghanistan. The participation of Romania in the CPEC can also bring Pakistan and Romania close together by creating more business and trade opportunities. Romania is exploring the prospects of benefitting in accordance with the CPEC project. Pakistan is already in an advantageous position, With GSP+ status.  This is something equally beneficial for both the EU and Pakistan. There is no doubt a wide scope for cooperation in many fields and both countries can learn and benefit from sharing of experiences and best practices in the respective fields. Romania has a strategic location within the EU, being an open gate for the EU towards CIS, Asia, the Middle East, and Northern Africa. The possibility to participate in major projects in the Black Sea Extended Area in the Central & Eastern European Region, Romania has an important role in assuring the energy security for Europe (major transit pipelines, energy production & supply).

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