ISLAMABAD: Federal Minister for Commerce, Engr. Khurram Dastgir Khan said this in a statement.Terming it as a significant improvement, the honorable minister for commerce applauded the European Union (EU) and said that the Trade Incentives extended to Pakistan under the GSP Plus by EU have played a positive role in boosting Pakistan’s exports and in stabilizing the elected government of Pakistan. “The president of Pakistan, today in his speech in the Joint Session of both the houses of the Parliament, also praised the positive role of European Union (EU)”, added the minister.
GSP Plus is a unique system of concessions developed by the EU. No other market in the world offers such liberal concessions i.e., duty-free access to more than 90 percent products unilaterally to a few developing countries in return for the commitment of the beneficiary countries to adopt and implement principles of good governance and sustainable development, as enshrined in 27 Core Conventions of United Nations. The duty free access is helping Pakistani products to compete with products originating from Bangladesh, Vietnam and Turkey and many other countries.
Minister said that EU is the largest market for Pakistani goods in the world and under GSP Plus, Pakistani goods have duty free access in 28 EU member states. Textile sector has been a major beneficiary of EU’s GSP Plus Scheme. Pakistan’s Exports of Textiles have increased by 55% in value terms in 2016 over 2013 and Pakistan’s exports also registered an increase of 33% in terms of quantity during the same period.
The Minister said that as a result of GSP Plus Pakistan exports to EU registered an impressive increase of 38 percent in 2016 over 2013. Pakistan’s exports to EU have increased from 4.52 billion Euros in 2013 to 6.28 billion in 2016. Pakistan’s exports of textiles to EU have increased by 55% during the same period.
As a result of GSP Plus arrangement, out of Twenty Eight (28) EU countries, Pakistan’s exports have registered increase in Twenty Six (26) countries. Out of these twenty six countries, ten EU member countries are such in which Pakistan’s exports have increased by 50% or more while eight countries are such where Pakistani exports have risen by 25%.
In textile, Garments and Hosiery sectors Pakistani exports to Europe are significant and have registered 75.7% increase. Likewise, in home Textile sector exports to EU have increased by 60%, in Footwear the increase is 26% and in Plastic it is also 26%.