ISLAMABAD – Thanks to the GSP Plus status granted by the European Union to Pakistan, the country’s exports to the European countries increased by over 1 billion US dollars as the made her goods more competitive in the world market, said Commerce Minister Khurram Dastgir.
The European Union in 2013 granted Pakistan GSP-plus status, which means firms pay no tax on certain goods exported to the 27-nation bloc for 10 years.
He said, “As a result of GSP-Plus, Pakistan’s exports to the EU have increased by $1.08 billion during the period January to October 2014 as compared to the same period in 2013.” He added exports to the EU in January-October 2014 totalled $6.38 billion, up by just over 20% from the $5.3 billion recorded in the corresponding period in 2013.
He added before GSP-Plus, textile exports faced customs tariffs of between 6.4% and 12% and leather goods and footwear up to six per cent. He noted, “Now these exports have duty-free access in EU and it has helped Pakistani products to become more competitive vis-a-vis its competitors, including Bangladesh, India and Vietnam.”
