Islamabad: Pakistan’s exports to Europe have risen to $3.8 billion, marking an 8.62 percent increase in the first five months of the current fiscal year. This significant growth highlights the impact of strategic efforts to boost trade with key European markets.
According to a statement by Ministry of Information and Broadcasting, the increase in exports is largely driven by the Special Investment Facilitation Council’s initiatives. The growth spans across crucial sectors such as textiles, leather, garments, sports goods, and surgical instruments.
In a strategic development in October 2023, the European Parliament approved the extension of Pakistan’s GSP Plus status until 2027. This status is pivotal as it provides preferential market access and exemptions from duties on certain goods for developing countries.
The extension of the GSP Plus scheme is expected to further bolster Pakistan’s trade relations with Europe, potentially opening new avenues for economic growth and development.