By Faiza Tehseen ISLAMABAD, Feb.10 (INP-WealthPK): Though trade ties exist between Pakistan and Spain, they have yet to be exploited to their full potential. Spain is one of the densely-populated countries in Europe with a potential market, and if Pakistan explores the Spanish market, it can enhance exports of both goods and services. Export of trade and services in many sectors to Spain does not exist or at a very low level. So, Islamabad has to reframe its bilateral trade structure as far as Spain is concerned. From 1995 to 2019, Pakistan’s exports to Spain increased by 8.43% per annum from $143 million to $997 million. Pakistan’s exports to Spain were worth $794 million during 2020. In 2021, most of Pakistani exports consisted of non-knitted women and men’s wear, house linen, knitted men’s wear and sweaters worth €54.23 million, while exports of other multiple goods reached $5 million. Manpower export to Spain has never been officially managed by the government, thus depriving it of remittances and lessening the employment rate. Pakistani exporters can capture the Spanish fruit and vegetable market by meeting the international sanitary and phytosanitary standards and proper value addition. Spain mostly imports chemicals, capital goods, energy products, non-chemical semi-manufactured products, bolt cloth, and food items like cereals, seafood, beverages, tobacco, and cloth materials. Main exporters to Spain are France, Italy, Netherlands, Portugal, China, Germany, and Pakistans. In fact, Pakistani products are not properly marketed in Span. This issue can be addressed by using multiple media channels and through evolving a proper policy framework. Pakistan can also export marble, granite, fruits, vegetables, pharmaceutic products, sports items, leather products, surgical items, IT products and a variety of multiple trade articles. Four trade zones are allocated and operated by Spanish government: Ceuta and Melilla free zone, Vigo free zone, Cadiz free zone and Canary Islands free zone. These zones have the latest infrastructure and communication approach and offer multiple trade benefits like reduced corporate tax rate, reduced VAT (value added tax), stamp duty exemption, and transfer tax exemption. As Pakistan is also a part of the EU’s Generalised System of Preferences (GSP-Plus), a special initiative to promote the economies of developing nations for poverty alleviation by providing them job opportunities and allowing them to do business in EU markets by waving off all duties, Pakistan can get great economic benefits in trade, business, services and exporting the workforce. To promote exports in multiple sectors, Pakistani consulate in Spain can act as a bridge. A special desk can be established to manage and operate different tasks, for example, to explore Spanish markets, to collect data on supply and demand, to conduct regular communication among the trade and business communities of both sides, to ensure linkage between chambers of commerce and industry of the two countries, and speedy processing of visas to facilitate investors. Pakistan can also enhance its trade with other European Union countries by enhancing close relations with Spanish business platforms. The private sector should also be encouraged to avail trade opportunities existing in Spain. In this respect, the chambers of commerce and industry should highlight the hurdles they are facing in increasing the bilateral trade volume between Pakistan and Spain. Pakistani Consulate in Barcelona can establish a help desk to update the businessmen on current Spanish market trends and the sectors where business opportunities exist. Regular communication with Spanish trade and business community both at the government and private sector level is also a must for increased business cooperation between the two countries. Spanish businesspeople and investors can be attracted to invest in Pakistan. Frequent exchange of trade delegations and holding of trade expos can help Islamabad and Madrid better tap the bilateral trade potential.