European Union (EU) ambassador to Pakistan, Jean François Cautain, called on Razak Dawood, Adviser to Prime Minister on Commerce, Textile, Industries & Production, and Investment to discuss the prevailing business environment in Pakistan. He said that European companies are very eager to invest in Pakistan as the uncertainty in the market decreases and the environment improves.
The impact of GSP+ on bilateral trade, especially Pakistan’s exports to EU was also discussed during the meeting. The ambassador stated that GSP+ provided a window of opportunity for Pakistani exporters in the EU market which can be exploited though product diversification, value addition and improved connectivity with business community on both sides.
Since GSP plus, Pakistan has witnessed substantial increase in exports in different sectors including garments, hosiery, home textiles, cotton fabrics, sports and surgical goods. Pakistan’s exports in garments and hosiery have increase by 92 percent, home textiles by 72 percent and sports by 41.2 percent. In 2018-19, the total trade volume between Pakistan and EU countries was 12.54 billion Euros, of which exports stood at 6.88 billion Euros compared imports of 5.66 billion.
