Massive rise in Pakistan and EU bilateral trade hits $12 billion in FY 2021 - 22
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ISLAMABAD: Bilateral trade between Pakistan and the European Union went up by 78 per cent to €12.2 billion in 2021 from €6.9bn in 2013, mainly due to implementation of the Generalised System of Preferences (GSP) Plus scheme from January 2014.
The commerce ministry has released an analysis, which shows that the GSP Plus scheme is a mutually beneficial arrangement leading to an increase in trade with 28-member EU states. In December 2013, the EU parliament enacted a legislation that put in place the GSP scheme for 2014-23.
According to official data, Pakistan’s exports to the EU countries posted a growth of 86pc to €6.64bn in the calendar year 2021 from €3.31bn in 2013.
At the same time, the exports of EU to Pakistan also edged up by 69pc to €5.59bn in 2021 from €3.31bn in 2013.
