ISLAMABAD: As result of GSP Plus, Pakistan’s exports to European Union (EU) have increased from $6.21 billion during 2013 to $7.54 billion in 2014, said officials at the Ministry of Commerce. This represents an increase of 21%, according to official sources in the Ministry ofCommerce here. Many sectors including textile, which was facing a custom tariff from 6.4% to 12%, leather up to 6% and footwear up to 6%, now have duty free access in the EU; this has helped Pakistani products become more competitive. However, as a result of the existing financial crisis in EU, export earnings of all countries have been adversely affected. Pakistan’s exports grew by 9.42% for the period January-October, 2015 as compared to the same period in2014.
Published in The Express Tribune, February 25th, 2016.
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