COLOMBO (EconomyNext) – Pakistan’s exports to the European Union rose by a billion US dollars in the first ten months of 2014 after the country was given ‘GSP+’ trade benefits, a media report said.
"As a result of GSP-plus, Pakistan’s exports to the EU have increased by $1.08 billion during the period January to October 2014 as compared to the same period in 2013," Commerce Minister Khurram Dastgir Khan was quoted as saying in a report by AFP, a news agency.
"Now these exports have duty-free access in EU and it has helped Pakistani products to become more competitive vis-a-vis its competitors, including Bangladesh, India and Vietnam."
The EU had passed a law giving GSP+ benefits to Pakistan in 2013.
Exports to the EU in the first 10 months of 2014 had totalled $6.38bn, up 20 per cent from a year earlier.
Before GSP-plus, textiles shipments had faced tariffs between 6.4 percent and 12 percent and leather goods and footwear up to 6 percent.