As a result of this asymmetry, the EU’s trade deficit with China was 160 billion euro in 2007, accounting for 86% of the EU total trade  BIS Review 110/2008  1  deficit. To put it differently, the total trade deficit of the EU of 186 billion euro very much reflects the sizeable imbalance in the European-Chinese trade.
At the onset I would like to thank Mr. Saleem Raza for inviting me to speak at this conference, and I would also like to acknowledge all the distinguished participants. A lot has been done in Pakistan in terms of financial sector reforms. These reforms have been substantive both in the banking sector as well as in capital markets.