Pakistan's trade of $7.9 billion under GSP Plus status faces strong challenges

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Pakistan's trade of $7.9 billion under GSP Plus status faces strong challenges

ISLAMABAD - President Federation of Pakistan Chambers of Commerce and Industry Engr. Daroo Khan Achakzai has urged to take all necessary measures in compliance of core international conventions pertaining to social compliance which are pre requisite for the continuation of GSP Plus status to Pakistan.

Highlighting the importance of GSP Plus, he said that Pakistan is the major beneficiary of GSP Plus from EU which is the second largest trading partner of Pakistan after USA and has positive trade balance with the bloc.

He said EU GSP Plus granted in 2013 and since then our export has increased to 7.9 billion dollars from 6.2 billion dollars but this increase is only in textile and clothing.

The President said FPCCI Pakistan’s export to EU is mainly dominated by textiles and clothing which accounts 82 percent of total exports which is facing strict competition with Bangladesh and Sri Lanka. He underscored the need to diversify and value addition in Pakistan’s export including carpets, leather, furniture, plastics, sports goods and agriculture products to exploit the full potential of GSP Plus.

Economy