ISLAMABAD -  Pakistan’s exports to European Union (EU) have increased from 4.25 billion Euros in 2013 to 6.28 billion Euros in 2016, showing growth of 47 percent.

This was stated by Commerce Minister Khurram Dastagir Khan in a statement issued here on Thursday. Terming it as a significant improvement, the minister applauded the 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 stabilising 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)”, said Dastagir.

GSP Plus is a unique system of concessions developed by the EU. No other market in the world offers such liberal concessions ie, 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. The 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 percent in value terms in 2016 over 2013 and Pakistan’s exports also registered an increase of 33 percent in terms of quantity during the same period.

He 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 Euros in 2016. Pakistan’s exports of textiles to EU have increased by 55 percent during the same period.

As a result of GSP Plus arrangement, out of 28 EU countries, Pakistan’s exports have registered increase in 26 countries. Out of these 26 countries, 10 EU member countries are such in which Pakistan’s exports have increased by 50 percent or more while 8 countries are such where Pakistani exports have risen by 25 percent. In textile, Garments and Hosiery sectors, Pakistani exports to Europe are significant and have registered 75.7 percent increase. Likewise, Textile sector exports to EU have increased by 60 percent, in Footwear the increase is 26 percent and in Plastic it is also 26 percent.