ISLAMABAD: The GSP Plus status has proven helpful in boosting bilateral trade between Pakistan and France in a win-win position because exports of both countries have significantly increased. However, trade balance has been in favour of Pakistan over last three years despite enormous increase in tune of imports from France.
According to a diplomatic source here, Pakistani exports to France were 607.39 million Euros in 2013, 694.55 million Euros in 2014 but in 2015 it soared up to the tune of 768.37 million Euros. This represented an increase of 10.7 percent in exports of Pakistan to France. Similarly, Pakistani imports from France were 388.89 million Euros in 2013, 433.68 million Euros in 2014 but the volume of imports crossed the figure of 658.67 million Euros in 2015.
Moreover, total tune of bilateral trade was 996.28 million Euros in 2013, 1128.23 million Euros in 2014 and 1427.04 million Euros in 2015, but trade balance remained in favour of Pakistan; however, it remained fluctuating in last three years as it was 218.5 million Euros in 2013, 260.87 million Euros in 2014 and 109.7 million Euros in 2015.
The source added that France was the member of single market of European Union (EU). Pakistan is the beneficiary of GSP plus in the single market of European Union since January 2014. The reason was the depreciation of Euro vis-a-vis US Dollar in the aftermath of sovereign debt crisis in the Euro- zone.
The source observed that France was the seventh major export destination for Pakistani exports in the single market of European Union in 2015-16. The major items of exports to France include made-up articles of textile materials, articles of apparel and clothing, knitwear, articles and apparel other then textile materials, hosiery, baby carriages sports goods etc.
In this regard a well placed source at Ministry of Commerce (MoC) told Customs Today that increased Pakistani exports to France were due to aggressive export marketing strategy of Government of Pakistan. Ministry of Commerce through its trade promotion organization TDAP regularly participates in the international exhibition.
Pak-France Business Council, which is established in the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), also actively promotes and strengthen bilateral trade relations between Pakistan and France.
Through this business council, business communities of the two countries regularly exchange the useful market intelligence. To build broad based, substantive, and long-term relations with France, FPCCI has also proposed to the French side through diplomatic channels for the creation of Pakistan-France Joint Business Council.
