Pakistan and Spain to increase bilateral trade

Foreign Secretary Sohail Mahmood and Spanish State Secretary for Foreign Affairs Cristina Gallach held a video talk about the ongoing situation due to COVID-19 and the relations between Pakistan and Spain.

The Foreign Secretary commended Spain’s efforts to contain the COVID-19 and the subsequent steps to revive the economy. Mahmood also briefed his Spanish counterpart on the measures being taken by the government of Pakistan, with central focus on saving lives, securing livelihoods, and stimulating the economy.

Both sides agreed to work for increasing bilateral trade between the two countries and to increase cooperation. Pakistan and Spain enjoy cordial trade ties, and there is significant trade between the two countries, over the years the trade volume has been showing an increasing trend with a compound annual growth rate of 0.07 per cent throughout 2013-17.

In 2017 Spain became the 3rd largest importer of Pakistani products when the trade volume reached $1.1 billion.  In 2019 Pakistan exports to Spain were US$946.6. Pakistan has the potential to further increase its exports to Spain because it offers the lowest Average Unit Price (AUP) of all the competitors and is beaten only by China.