ISLAMABAD – Germany has expressed reservations on difficulties being faced official importers of Mercedes-Benz, BMW and Audi in Pakistan due to restrictions imposed by the cash-strapped country on imports to tackle depleting foreign exchange reserves.
The German Ambassador to Pakistan Alfred Grannas sent a letter to Federal Minister of Economic Affairs Sardar Ayaz Sadiq, stating Pakistan may lose its Generalised Scheme of Preferences (GSP-Plus) status due to such restrictions.
The ambassador wrote that the Germany always appreciated “Government of Pakistan's outlook towards environment protection and efficient utilization of natural resources, clean and green energy. A positive regulatory framework for Electric vehicles' imports has been a major step in that direction”.
“I would like to draw your attention to the difficult situation of official importers for Mercedes-Benz. BMW and Audi in Pakistan who identified electric vehicles best suited to this vision and placed their orders accordingly with the respective OEM's. We have learnt, however, that the State Bank of Pakistan is constantly declining to open any of their Letters of Credits through their commercial banks,” read the letter.
The ambassador said the move cast a shadow over the good and friendly relation between the two countries. “Germany is not only the most significant and largest trading partner of Pakistan in the entire Ell (by volume and value), Germany is also one of the leading countries in financial assistance for people most affected by the floods last summer,” he highlighted.
The letter maintained the ban on import of electric cars was detrimental to the bilateral trade, adding that restrictions on opening of LCs were also a violation of GSP+ status.
It warned that the country may lose the GSP+ status by imposing such restrictions on import of electric vehicles.
Pakistani currency remains stable against US dollar and other currencies in the open market on February 21, 2024 (Wednesday).
In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.
Euro comes down to 300 for buying and 303 for selling while British Pound rate stands at 350.5 for buying, and 354 for selling.
UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.
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