The EU-Pakistan Agreement: A Step Forward for Bilateral Relations

The European Union and Pakistan have had a long-standing relationship, with the EU being Pakistan`s largest trading partner and providing significant development assistance. In 2019, the two parties signed the EU-Pakistan Strategic Engagement Plan (SEP), which aimed to strengthen political, economic, and cultural ties between them. Recently, the EU and Pakistan took another step forward in their partnership by signing a new agreement, which is expected to boost trade and investment.

The new agreement, called the EU-Pakistan Enhanced Partnership Agreement (EPA), was signed on June 25, 2021, by the EU High Representative for Foreign Affairs and Security Policy, Josep Borrell, and Pakistan`s Foreign Minister, Shah Mahmood Qureshi. The EPA is expected to replace the existing Cooperation Agreement between the EU and Pakistan, which has been in place since 2004.

The EPA is a comprehensive agreement that covers a wide range of areas, including trade, investment, renewable energy, human rights, and the rule of law. The agreement is expected to provide a framework for enhancing economic cooperation and promoting sustainable development, while also strengthening political dialogue and cooperation on global issues.

One of the key highlights of the EPA is the improvement of trade relations between the EU and Pakistan. The agreement will eliminate tariffs on nearly 75% of all EU exports to Pakistan over a period of ten years, making it easier and cheaper for EU companies to do business in Pakistan. The EPA will also provide greater protection for EU investments in Pakistan and promote the exchange of expertise and information on trade-related matters.

Another important aspect of the EPA is its focus on sustainable development. The agreement includes provisions on environmental protection and sustainable development, which will help to promote green growth and reduce carbon emissions. The EPA also provides for cooperation on renewable energy, with the aim of increasing the share of renewable energy in Pakistan`s energy mix.

The EPA also includes provisions on human rights and the rule of law. The agreement recognizes the importance of promoting and protecting human rights, democracy, and the rule of law, and provides for regular consultations on these issues. The EPA also includes a mechanism for resolving disputes, which will help to ensure that the agreement is implemented effectively.

In conclusion, the EU-Pakistan Enhanced Partnership Agreement is a significant milestone in the relationship between the EU and Pakistan. The agreement is expected to provide a framework for enhancing economic cooperation, promoting sustainable development, and strengthening political dialogue. With the EPA in place, there is hope that the EU-Pakistan partnership will continue to grow and flourish in the years to come.