Pakistan to help Kyrgyzstan enter EU market
Kyrgyzstan had sought assistance after getting GSP Plus status from the European trade bloc
Kyrgyzstan had sought assistance after getting GSP Plus status from the European trade bloc. PHOTO: ADB
ISLAMABAD:
Pakistan has agreed to share its experience and provide technical assistance for Kyrgyzstan that is keen to make inroads into the European Union market under the Generalised Scheme of Preferences (GSP) Plus - a mechanism under which duties are eliminated or drastically reduced.
Pakistan’s response came after Kyrgyzstan sought help in that regard in a meeting of the Joint Ministerial Commission (JMC) of the two countries held on January 11 and 12, said an official. The JMC huddle came after a long gap of 10 years.
Europe to be largest market for Pakistan's textiles
“Kyrgyzstan, a Central Asian nation, expressed interest in learning from Pakistan’s experience in making exports to the 28-nation EU market,” the official said.
In November 2015, the EU approved a proposal to grant preferential trade access to Kyrgyzstan under the GSP Plus. Following a review by the European Council and the European Parliament, the EU regulation for granting the GSP Plus status to Kyrgyzstan was published in the official bulletin of January 26, 2016. It came into force the very next day.
Considering that Kyrgyz entrepreneurs do not have such a presence in the European market as that being enjoyed by Pakistani entrepreneurs and the successful use of trade preferences by Pakistani businessmen, Kyrgyzstan is highly interested in holding a webinar or meetings between government authorities and entrepreneurs of the two sides.
GSP Plus review: Support mechanism unit to be established
Pakistan shows the best potential of increasing its exports to the EU among all countries benefiting from the GSP Plus.
According to EU statistics, Pakistan’s exports amounted to 6 billion euros in 2015, which was 37% more than imports from the trade bloc. Pakistan’s exports to the European market have consistently increased since 2005.
After the GSP Plus status was granted to Pakistan in January 2014, the trade flow to the European market grew rapidly by 21.5% in 2014 and 33.7% in 2015 compared to 2013.
Pakistan’s business community is not only targeting to step up exports to the EU, but is also striving to strengthen the partnership that will facilitate growth in trade with major partners such as the United Kingdom, Germany, Spain and Italy.
Manufacturers have also improved the quality of their products and with that their prices have gone up, fetching more earnings for the country.
Pakistan has agreed to share its experience and provide technical assistance for Kyrgyzstan that is keen to make inroads into the European Union market under the Generalised Scheme of Preferences (GSP) Plus - a mechanism under which duties are eliminated or drastically reduced.
Pakistan’s response came after Kyrgyzstan sought help in that regard in a meeting of the Joint Ministerial Commission (JMC) of the two countries held on January 11 and 12, said an official. The JMC huddle came after a long gap of 10 years.
Europe to be largest market for Pakistan's textiles
“Kyrgyzstan, a Central Asian nation, expressed interest in learning from Pakistan’s experience in making exports to the 28-nation EU market,” the official said.
In November 2015, the EU approved a proposal to grant preferential trade access to Kyrgyzstan under the GSP Plus. Following a review by the European Council and the European Parliament, the EU regulation for granting the GSP Plus status to Kyrgyzstan was published in the official bulletin of January 26, 2016. It came into force the very next day.
Considering that Kyrgyz entrepreneurs do not have such a presence in the European market as that being enjoyed by Pakistani entrepreneurs and the successful use of trade preferences by Pakistani businessmen, Kyrgyzstan is highly interested in holding a webinar or meetings between government authorities and entrepreneurs of the two sides.
GSP Plus review: Support mechanism unit to be established
Pakistan shows the best potential of increasing its exports to the EU among all countries benefiting from the GSP Plus.
According to EU statistics, Pakistan’s exports amounted to 6 billion euros in 2015, which was 37% more than imports from the trade bloc. Pakistan’s exports to the European market have consistently increased since 2005.
After the GSP Plus status was granted to Pakistan in January 2014, the trade flow to the European market grew rapidly by 21.5% in 2014 and 33.7% in 2015 compared to 2013.
Pakistan’s business community is not only targeting to step up exports to the EU, but is also striving to strengthen the partnership that will facilitate growth in trade with major partners such as the United Kingdom, Germany, Spain and Italy.
Manufacturers have also improved the quality of their products and with that their prices have gone up, fetching more earnings for the country.