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| January 30, 2007 | Tuesday | Muharram 10, 1428 |
Pakistan, Belgium to expand trade ties: 30m euro debt swap accord inked
BRUSSELS, Jan 29: Pakistan and Belgium on Monday decided to expand cooperation for increasing their political, diplomatic, trade, economic and cultural relations between the two countries.
The decision was made during a meeting between Prime Minister Shaukat Aziz and Belgian Prime Minister Guy Verhofstadt here.
Both the leaders discussed bilateral relations, regional and international situation with special reference to Middle East, Lebanon, Iraq and Afghanistan situation.
They discussed trade and economic cooperation and Mr Aziz said there was a great potential for trade and investment by Belgian private sector in Pakistan.
He said Pakistan wanted to sign Free Trade Agreement (FTA) with the European Union and wanted support and cooperation from Belgium.
He gave an over view of the economic development and said that the size of the economy has doubled and Pakistan received $3.5 billion in the first six months.
The Belgian prime minister appreciated the progress made by Pakistan in the economic sector and assured his country would extend full support and cooperation to it for entering FTA with EU.
Both the prime ministers agreed to further promote trade and investment between the two countries.
Pakistan and Belgium also signed a Debt Swap Agreement for 30 million euro assistance being provided by the Belgian government, following the October 2005 quake for the rehabilitation and reconstruction in the affected areas.
Mr Aziz thanked the Belgian government for assisting Pakistan in the rehabilitation and reconstruction in the quake-affected areas.
The agreement was signed by Minister of State for Economic Affairs Hina Rabbani Khar and Belgian Deputy Prime Minister and Finance Minister Didier Reynders on behalf of their respective governments.Under the agreement, Belgium has written off the 30 million euro loan to Pakistan under ODA, which was to be paid in 30 years.
Now the amount of 30 million euro swap-generated funds would be allocated to earthquake fund of the Asian Development Fund for rehabilitation and reconstruction efforts in the affected areas of the NWFP and Kashmir.—APP
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