ISLAMABAD - Pakistan and the European Union (EU) will hold landmark summit on June 4 in Brussels where Islamabad would try to foster more cooperative relations with the worlds most powerful 27 countries economic bloc. Prime Minister Syed Yousuf Raza Gilani leading a high level delegation will leave today to participate in much awaited Pak-EU Summit planned to hammer-out challenges and translate them into opportunities to evolve strategic relations. Premier Gilani and his aides have prepared a number of proposals to be taken up with the EU leaders during the Summit and devised a well-though-out strategy based on, what official sources informed TheNation, the 'economic diplomacy to achieve more preferential trade concessions, investment and economic benefits. The economic diplomacy evolved by the PPP-led ruling coalition last year after declaring ownership of the ongoing war against terrorism, envisaged driving out maximum trade concessions and economic gains by presenting Pakistan to the world as a democratic country committed to continue fighting against terrorism and extremism. It is aimed at seeking greater excess to the worlds most important markets, especially the EU, instead of the aid for sustainable economic development largely focusing on alleviating poverty, which the PPP Government considered as one of the primary reasons behind extremism and terrorism. The informed sources were upbeat that Pakistan could gain a lot from the Summit by getting greater market excess for its external trade as well as generous EU investment in financing projects that helped reduce poverty. The proposed Pak-EU Summit will be a prelude to another landmark summit of the Friends of Democratic Pakistan Group to set up FATA Trust Fund (FTF) to help establish the Reconstruction Opportunity Zones (ROZs), the sources said. However, the main area of interest for Pakistan remains greater market excess to the EU markets and official sources privy to these developments believed that the EU might offer more preferential trade concessions that would boost Pakistani exports beyond 5 billion Euro per year. This concession is expected through EUs GSP Plus (Generalised System of Preference), a step that would indeed help boost Pakistans export of textile, clothing and leather. The EU had granted 15 percent increase in quota of Pakistani exports in the wake of 9/11 terrorist attacks. In addition to that the EU members have contributed about 349 million Euro in various sectors of Pakistan economy under the economic cooperation with Pakistan largely as a token of acknowledgement for its role in the international war against terrorism as a frontline state. However, there are serious challenges Islamabad will have to address while seeking more trade and economic concessions from the European Union. Pakistan will have to comply with some of the international conventions including human rights and labour rights in the line with the UN/ILO conventions besides guaranteeing the EU of its commitment to comply with principals of good governance to eventually ensure that serious steps to be taken by Islamabad to reduce poverty as well as costs of doing business.