FLASHNEWS:

Pakistan Captures 25% of European Rice Market with Enhanced Food Safety Standards

Islamabad: Pakistan has successfully captured 25% of the European rice market in the fiscal year 2023-24, setting a new benchmark for food safety standards. This achievement places the country at the forefront of rice exports to Europe, amidst fluctuating global prices and competitive challenges.

According to Zameen.Com, the significant market share was highlighted during a recent meeting between Malik Faisal Jahangir, the newly appointed Chairman of the Rice Exporters Association of Pakistan (REAP), and Commerce Minister Jam Kamal. Their discussions focused on maintaining the momentum of rice exports and strategizing against global market dynamics, including India’s recent decision to lift its rice export ban.

Jahangir pointed out that Pakistani rice exporters had only 74 rapid alerts for pesticide residues or other safety concerns last year, significantly fewer than India’s 264. This comparison underscores Pakistan's rigorous adherence to food safety regulations, which has been instrumental in enhancing the country’s reputation in the international market.

Despite potential negative campaigns that could affect Pakistan’s export reputation, Jahangir emphasized the country’s robust ability to navigate these regulatory challenges more effectively than its competitors. Further bolstering Pakistan’s position, the commerce ministry has recently eliminated the minimum export price requirement, giving Pakistani exporters a competitive edge over others, particularly India.

Commerce Minister Kamal expressed optimism about the future of Pakistan’s rice exports, aiming to increase export revenue from USD 4 billion to USD 6-7 billion while continuing to adhere to European food safety standards. This growth is seen as vital to the country’s economy, reflecting a strategic focus on maintaining high standards and expanding market reach.