The EU and Pakistan have recently signed a historic cooperation agreement that aims to boost economic, trade, and investment ties between the two regions. The agreement, signed in Brussels on 25 November 2020, will cover a wide range of sectors including agriculture, science and technology, health, and education.

The agreement is expected to create new opportunities for businesses on both sides, while also strengthening the friendship and strategic partnership between the EU and Pakistan. The EU is Pakistan`s largest trading partner, accounting for over 16% of the country`s total trade. The new cooperation agreement will further consolidate this relationship and help Pakistan to diversify its exports to the EU.

One of the major benefits of this agreement is that it will improve market access for Pakistani products and services in the EU. This will be done by removing certain non-tariff barriers and simplifying customs procedures. In addition, Pakistani exporters will have access to the EU`s Generalised Scheme of Preferences (GSP+) which offers preferential market access to developing countries.

The cooperation agreement also includes provisions for technical assistance and capacity building to help Pakistan align its laws and regulations with global standards. This will help Pakistan improve its business environment and attract more foreign investment.

Furthermore, the agreement will enable the EU and Pakistan to work together on issues such as climate change, energy, and the fight against terrorism. The two regions will also collaborate on research and innovation, with the aim of promoting sustainable development and addressing common challenges.

In conclusion, the EU-Pakistan cooperation agreement marks a new chapter in the relationship between the two regions, bringing significant benefits to both sides. By promoting trade and investment, improving market access, and addressing shared challenges, this agreement is a testament to the strong strategic partnership between the EU and Pakistan.