LAHORE: Ambassador of the European Union to Pakistan Jean Francois Cautain has said that public and private sectors of Pakistan would have to work together to take full advantage of GSP Plus status granted till 2023.
He was talking to the LCCI President Abdul Basit, Senior Vice President Amjad Ali Jawa, Vice President Muhammad Nasir and Executive Committee Members here at the Lahore Chamber of Commerce & Industry. Mian Abdul Razzaq, Shahid Nazir and Ali Hassam Asghar were also present on the occasion.
The Ambassador said that the Generalized System of Preferences (GSP) Plus, has given better market access to the products made in Pakistan to the whole of European Union. The EU would like to enhance its trade with Pakistan.
“It is very much now in the hands of the business community, both here in Pakistan and the European Union to utilize this facility available for boosting trade between the two sides.
GSP Plus status monitored and reviews after every two years and Pakistan is still eligible for this. He said that Pakistan should avail full advantage of GSP Plus status and increase its traditional and non traditional exports to the EU member states.
Speaking on the occasion, the LCCI President Abdul Basit said that Pakistan and European Union have a strong bond in the areas of trade and investment. European Union is very important trading region for Pakistan.
He said that despite this fact that EU Commission granted GSP plus status to Pakistan but the potential benefits of that scheme could not be materialized.
The LCCI President said that EU accounted for 12.8% of Pakistan’s total trade in 2015 while absorbing 23.7% of Pakistan’s total exports. More than 80% of our exports to EU consist of textiles and clothing. Pakistan’s imports from the EU are mainly comprised of machinery and transport equipment as well1 as chemicals.
“It is a steady feature of Pakistan’s trade with European Union that almost 72% of total exports sent to EU are with five countries namely U.K, Germany, Spain, Netherlands and Italy. We look forward to finding more and more opportunities of market penetration in other countries like Greece, Slovenia and Ireland etc., where Pakistan’s export average to dollar 50 million”, the LCCI President added and said that We need to exploit the potential by exporting agro based processed foods to EU in collaboration with European companies through joint ventures and transfer of technology.
He said that natural or cultured pearl, precious and semi precious stones can be cut, polished and ornamented according to the need of European markets. He said that the liaison of the private sector with European Union Embassy is very important. It can ensure desired results.
