Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar chaired a high-level meeting on Monday to review measures for strengthening Pakistan’s trade and economic cooperation with the European Union. He stressed the importance of expanding ties under the GSP-Plus framework, calling the EU a key economic partner.
Dar highlighted that Pakistan has completed four biennial GSP-Plus reviews and reaffirmed its commitment to meeting obligations under the scheme. He said this would create mutually beneficial trade opportunities and further integrate Pakistan with European markets.
Read more: GSP+ ‘crucial framework’ for mutually-beneficial EU trade: Dar
The GSP-Plus initiative allows developing countries to export goods to the EU with reduced or zero tariffs, making products more competitive. Pakistan’s textiles, leather, and surgical instrument sectors have especially benefited, contributing significantly to foreign exchange earnings.
The meeting was attended by federal ministers, special assistants, secretaries of commerce, interior, human rights, and overseas Pakistanis, along with Pakistan’s ambassador to the EU. EU Ambassador Raimundas Karoblis has also been engaged in discussions on boosting trade.
Read more: Dar pitches Pakistan as a prime destination for EU investors
Pakistan was granted GSP-Plus status in 2014, leading to a 108% increase in textile exports to the EU. The European Parliament extended the scheme in 2023 for another four years, ensuring continued duty-free access for Pakistan’s key exports.