Prime Minister Shahid Khaqan Abbasi, Tuesday, directed the concerned ministries to work together to secure more access to EU market under GSP pulse.
Pakistan benefits from generous tariff preferences (mostly zero duties on two thirds of all product categories) under the GSP+ arrangement since Jan 2014 aiming to support sustainable development and good governance. In order to maintain GSP+, Pakistan has ensure good government, protection of environment and respect for human rights.
Generalized Scheme of Preferences (GSP) Plus facility has enhanced eligibility of Pakistani products for duty free access on additional 66% EU’s tariff lines and provided level playing field to our goods vis-à-vis similar products from competitors who have very liberal arrangements with the EU.
In February this year, European Commission said that Pakistan is a major beneficiary of the trading opportunities offered by the EU Generalized Scheme of Preferences (GSP).
The EU being Pakistan’s most important trading partner taking 21.2% of Pakistan’s total exports and EU-Pakistan trade increased by almost 4.7% annually between 2007 and 2011. Pakistani exports to the EU are dominated by textiles and clothing as well as leather products. Textiles and clothing account for just fewer than 75% of Pakistan’s exports to the EU. Pakistan’s imports from the EU mainly comprise mechanical and electrical machinery as well as chemical and pharmaceutical products.
While chairing a meeting here to review the impact of GSP Plus regime on Pakistan’s trade Prime Minister Shahid Khaqan Abbasi observed that all avenues should be explored to maintain momentum of Pakistani exports’ access to EU markets. .