UPBC stresses the urgent need for further enhancing trade with EU

ISLAMABAD – UK-Pakistan Business Council (UPBC) Chairman Mian Kashif Ashfaq on Sunday underlined the importance of further enhancing trade with European Union (EU) under GSP plus status. Taking to a delegation of young dynamic exporters led by Chaudhry Araib Arain, he said the granted GSP plus status to Pakistan mainly aimed at fostering economic stability and good governance in the country. However, Pakistan’s progress vice-versa objectives remain below the potential. He urged the young exporters take full advantage of this status and further enhance exports by identifying hidden EU markets. He said: “The European Union is Pakistan’s second most important trading partner as Pakistan’s export increased by 86 percent from Euro 3.56 billion in 2013 to Euro 6.64 billion in 2021 while the exports of EU to Pakistan swell to 69 percent from Euro 3.31 billion in 2013 to Euro 5.59 billion in 2021.” He said: “Pakistan always values it’s relation with EU. He said proposed legislation for GSP plus 2024-34 by the European Commission will greatly benefit either sides.” Mian Kashif Ashfaq, who is also former Chairman Faisalabad Industrial Estate Management Company (FIEDMC) said: “This forum will also facilitate the importers and exporters of either countries especially in agro food, energy and renewable energy sectors.” Chaudhry Araib Arain hoped that many more European companies would reap benefits from the ease of doing business initiatives of government of Pakistan.

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