Commerce with EU: GSP-Plus boosts exports by $1b

Euro

Commerce Minister Khurram Dastgir has stated that Pakistani exports to the European Union (EU) elevated by greater than a billion {dollars} after a landmark commerce deal final yr which made its merchandise extra aggressive.

The EU signed a legislation in late 2013 granting Pakistan GSP-plus standing, which implies companies pay no tax on sure items exported to the 27-nation bloc for 10 years.

“On account of GSP-Plus, Pakistan’s exports to the EU have elevated by $1.08 billion in the course of the interval January to October 2014 as in comparison with the identical interval in 2013,” Commerce Minister Dastgir Khan stated in an interview.

Exports to the EU in January-October 2014 totalled $6.38 billion, up by simply over 20% from the $5.three billion recorded within the corresponding interval in 2013, he stated.

Earlier than GSP-Plus, textile exports confronted customs tariffs of between 6.4% and 12% and leather-based items and footwear as much as six per cent, he stated.

“Now these exports have duty-free entry in EU and it has helped Pakistani merchandise to change into extra aggressive vis-a-vis its rivals, together with Bangladesh, India and Vietnam,” he stated.

Dastgir performed down the likelihood that resuming executions may threaten GSP-Plus standing.

“There isn’t any authorized obligation to EU relating to loss of life penalty, although they’ve expressed concern over it,” he stated. “They perceive our scenario that GSP-Plus will assist us create jobs.

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