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Pakistan exports to EU surge by US$1bn in 2014 after GSP+: report

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.