WTP Report
ISLAMABAD : The decrease in foreign exchange reserves has become a major threat to national economy.
German Ambassador in Pakistan, Alfread Grannas wrote a warning letter to the Federal Minister of Economic Affairs as protest for not opening of LC for import of electric cars from Germany. He threatened serious economic consequences for not opening the LC for German electric cars.
The State Bank is not allowing the opening of the LC for the import of electric cars.
The German Ambassador said “if the LC for German cars is not opened immediately, then the benefits of GSP Plus will be reduced”. By not opening the LC for German electric cars, a step against mutual trade has been taken, the Ambassador said.
Germany is the largest buyer of Pakistani products in the European Union.
Germany provided full financial support to Pakistan in the recent flood.. If the LC of German electric cars is not opened, Pakistan will have to bear irreparable loss.
Germany is the largest trading partner in the European Union.
In bilateral trade, German exports to Pakistan were worth around 1.8 billion euro and imports from Pakistan 1.1 billion euro.Germany and Pakistan have enjoyed close and diverse relations.
