KARACHI – Commerce Minister Khurram Dastagir said that Pakistan’s exports to the European Union had advanced to $6.38 billion by 20 percent during the first 10 months of 2014 from the last year’s $5.3 billion.
The minister disclosed this during a seminar. On the occasion, the ‘Business Guide for GSP+’ was also launched. Dastagir said the preferential tariff scheme boosted export of textile, leather goods, footwear and plastic products.
Before the GSP+ status, the country’s exports to the European countries was falling particularly when the Drug Related Arrangement was terminated in 2005, he said. As a result tariff concessions granted in certain product categories were withdrawn. It landed Pakistan in a difficult situation as it had to compete with much stronger economies like India, Brazil and China for market share.
He said that from 2005 onwards the customs tariff on various products of textiles originating from Pakistan was between 6.4 and 12pc. The duty was around 6pc on leather products, including footwear, he added. But after the withdrawal of these duties, he said, Pakistan’s textile exports increased by over 20pc during Jan-Oct 2014 compared to the same period of 2013. Similarly, exports of textile to the EU rose from to $4.4bn from $3.6bn. The exports of garments grew by 28pc, home textiles by 30pc and towels by 23pc.
