Islamabad: The SIFC’s efforts have led to a notable increase in the demand for Pakistani goods in Europe, resulting in a 9.4% rise in exports. Western European countries saw an 11.6% increase, while Northern Europe experienced a 17.7% surge, highlighting a positive trend for Pakistan’s trade.

This uplift in exports is attributed to renewed global confidence in Pakistani industries, with countries such as Italy, Greece, and Spain stepping up their imports. The growth is mainly driven by the ‘GSP plus’ status and increasing demand for textiles and garments from Pakistan.

The European Parliament’s extension of the ‘GSP plus’ status until 2027 is a significant factor, allowing Pakistan duty-free access to European markets. This status provides developing countries preferential market access, free from duties and taxes.

The SIFC’s successful policies have not only boosted exports but have also encouraged investment in key industries, supporting Pakistan’s economic growth trajectory.