ISLAMABAD: Pakistan and the European Union (EU) have agreed to sign a strategic plan after extensive deliberations, according to a statement released by the Foreign Office on Monday.
Foreign Minister Shah Mehmood Qureshi, who is currently in Brussels on a two-day official visit, will meet EU’s foreign policy chief Federica Mogherini on Tuesday, following which the two are expected to sign the “new strategic plan,” the statement added.
Speaking to reporters before leaving for Belgium, Qureshi said that the strategic pact, which is aimed to give new direction to the countries ties with the EU, will be signed on June 25.
“It will pave the way for long-term cooperation between Pakistan and the EU,” he said.
Qureshi said that Pakistan and the EU had a “longstanding and strong relationship.”
“We have helped each other in several sectors and now we plan to give a new direction to our ties,” he added. “This [the strategic plan] is a really good development.”
Qureshi is scheduled to participate in an EU session on regional security during his visit. He will also visit the NATO headquarters and meet Secretary General Jens Stoltenberg, according to the official handout.
The EU is “extremely important” for Pakistan both in terms of economic and diplomatic gains, veteran Pakistani political commentator Zahid Hussain told Arab News.
“Pakistan enjoys GST plus facilities that has given a boost to its exports,” he said, adding that Qureshi’s visit will “help strengthen Pakistan’s relations with other European countries as well.”
Hussain said that Qureshi’s meeting with the NATO chief was also very significant given the ongoing peace talks in Afghanistan.
Pakistan has become increasingly become diplomatically active during the past one year, viewed Rasul Bakhsh Rais, a political science professor at the Lahore University of Management Sciences.
“Islamabad is very keen to deepen its multifaceted relations with the EU in the context of changing international alignments,” said Rais adding that “the strategic framework agreement would provide a clear map for mutual expectations and how would it advance the economic and security interests of Pakistan.”
Pakistan and the EU have been involved in strategic dialogue — the fifth round for which was held in Brussels in March this year, and the next session scheduled to be held in Islamabad in 2020.
According to Pakistan’s Foreign Ministry, “in the course of the forthcoming implementation of the Strategic Engagement Plan, both sides will work toward a comprehensive dialogue on migration and mobility.”
Pakistan, EU set to sign strategic pact
Pakistan, EU set to sign strategic pact
- Foreign Minister Qureshi is scheduled to meet EU foreign policy chief on Tuesday
- Analysts say move “extremely important” for Islamabad in terms of economic and diplomatic gains
Rating firm S&P says it won’t rush Iran war downgrades, sees risks for countries like Pakistan
- Agency says it is monitoring indebted energy importers as higher oil prices strain finances
- Gulf economies seen better placed to weather shock, though Bahrain flagged as vulnerable
LONDON: S&P Global said it would not make any knee-jerk sovereign rating cuts following the outbreak of war in the Middle East, but warned on Thursday that soaring oil and gas prices were putting a number of already cash-strapped countries at risk.
The firm’s top analysts said in a webinar that the conflict, which has involved US and Israeli strikes against Iran and Iranian strikes against Israel, US bases and Gulf states, was now moving from a low- to moderate-risk scenario.
Most Gulf countries had enough fiscal buffers, however, to weather the crisis for a while, with more lowly rated Bahrain the only clear exception.
Qatar’s banking sector could also struggle if there were significant deposit outflows in reaction to the conflict, although there was no evidence of such strains at the moment, they said.
“We don’t want to jump the gun and just say things are bad,” S&P’s head global sovereign analyst, Roberto Sifon-Arevalo, said.
The longer the crisis was prolonged, though, “the more difficult it is going to be,” he added.
Sifon-Arevalo said Asia was the second-most exposed region, due to many of its countries being significant Gulf oil and gas importers.
India, Thailand and Indonesia have relatively lower reserves of oil, while the region also had already heavily indebted countries such as Pakistan, Bangladesh and Sri Lanka whose finances would be further hurt by rising energy prices.
“We are closely monitoring these (countries) to see how the credit stories evolve,” Sifon-Arevalo said.
