Pakistani Prime Minister Syed Yousuf Raza Gilani started a two-day visit to Spain with an objective of expanding ties in all spheres and seeking greater market access for Pakistani products in the European market, the official Associated Press of Pakistan (APP) reported Wednesday.
During his first official visit to Madrid, Gilani will focus on raising the existing bilateral trade of around 600 million U.S. dollars to a potentially 2 billion U.S. dollars over the next two years. Spain is the fifth largest European economy and sixth biggest investor in developed world accounting 2 percent of the world trade.
Gilani's visit has assumed greater significance as Spain currently has the rotating six-month presidency of the 27-member European Union, APP said.
The prime minister in talks with the Spanish leaders on Wednesday apprised them about the role the democratic government was playing to strengthen the economy while at the same time serving as a front line state in the war against terrorism.
Gilani in view of Spain's renewed interest in the Asian market discussed ways for further expansion in bilateral trade. Spain has been supportive of Pakistan's initiative to negotiate a free trade agreement with the EU.
Major exports from Pakistan to Spain are textiles (fabric, knitwear, made ups including garments and home textiles), which constitute about 55 percent of the total exports to Spain. These are followed by leather and its products, ethanol, molasses, sports goods, rice, footwear and carpets.
Main imports from Spain in Pakistan include textile and construction machinery, chemicals and products, ceramics, plastic materials, iron and steel, malt products and fruit conserves and pharmaceutical products.
Pakistan and Spain have traditionally enjoyed close and cordial relations characterized by shared perceptions on major global and regional issues.
The prime minister is scheduled to leave for Brussels later on Wednesday to attend the second Pakistan-EU summit.