Pakistan eyes extended GSP+ benefits, stronger EU trade ties

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Prime Minister Shahbaz Sharif on Friday called for a deep engagement with the European Union, pointing to the importance of expanded GSP+ concessions, which he said, adding that the two sides have gained significant benefits.

Chasing a positive pace in bilateral relations, the Prime Minister highlighted it during a meeting with the Ambassador of the European Union Dr. Raina Kyonka, who demanded the Prime Minister’s house.

The European Union Ambassador apprised the Prime Minister about the recent visits of the European Union delegation of Pakistan as well as the upcoming Pakistan-AU’s engagement.

The Prime Minister welcomed the wages of the Pakistan-European Union’s high-level business forum for the first time in Islamabad in May, and assured full support for making the program a success.

At the beginning of the meeting, the Prime Minister thanked the European Union Ambassador for his condolences on the recent terrorist attack on the Jaffar Express train in Balochistan.

On Tuesday, dozens of militants belonging to the Balochistan Liberation Army (BLA) blew up a railway track and attacked the Jaffar Express carrying hundreds of passengers from Bolan district of the province.

The terrorists martyred 21 passengers, while the rest of them were rescued by Pakistan security forces after the completion of the hostage operation on Wednesday.

During the meeting, the Prime Minister endorsed the commitment to eliminate terrorism from the country, which also covered various aspects of the Pakistan-European relations, including discussing human rights, trade and investment.

The country awarded Pakistan GSP+ Status on January 1, 2014, after a pledge to confirm and implement 27 international conventions.

The European Union acts as a special inspiration for promoting good governance and sustainable development by facilitating GSP+ trade.

The privileged Pakistan gives zero rating or priority rates to about 6666 % tariff lines, which increases the country’s capacity to export the EU market.

The GSP+ has proved the European Union Pakistan important for bilateral trade relations. From 2014 to 2022, Pakistan’s exports to the European Union increased by 108 %, while imports from the European Union increased by 65 % and the total trade volume increased from 8.3 billion euros in 2013 to 14.85 billion euros.

The country’s clothing, beds, tary towels, hosiery, leather, games and surgical equipment and similar products enter the European Union market that benefits GSP+ privileges.

Finanman says GSP+ is important for export -led growth

Earlier, the European Union Ambassador to Finance Minister Senator Mohammad Aurangzeb met with other issues to discuss the future of GSP+ trade facility in the finance division, to discuss the future of GSP+ trade facility.

According to an official statement, detailed dialogue has reached a limit to matters of mutual interest, especially on strengthening business and investment relations between the two sides.

Aurangzeb highlighted that GSP+ has been an important capacity of Pakistan’s efforts to advance development in export leadership.

The two officials considered European business opportunities in Pakistan, and called for the establishment of an investment environment to utilize the growing hunger of expansion.

Dr. Kyonka told the Finance Minister that the European Union has already mapped more than 300 European companies operating in Pakistan, with the belief that there are many.

He pointed out that European companies are rapidly seeing Pakistan as a center for potential business opportunities, especially in the light of the next forum.

The Minister also emphasized the need for a more active approach to reaching the European capitals for constructive engagement on key issues, including the continuation of the GSP+ facility, which is very important for Pakistan’s trade relations with the European Union in the coming years.