The first European Union (EU)-Pakistan Business Forum for small and medium enterprises will be launched on September 8 to offer opportunities for bilateral trade enhancement. To be launched by the delegation of EU to Pakistan, the forum will provide opportunities to enhance the use of generalised scheme of preferences plus (GSP+), bring in new EU investment, encourage European companies to import and promote international sustainability standards.
The forum will also focus on assessing the impact of COVID-19 on trade under GSP and engaging businesses to benefit from the facility.The first European Union (EU)-Pakistan Business Forum for small and medium enterprises will be launched on September 8. To be launched by the Delegation of EU to Pakistan, the forum will provide opportunities to enhance the use of generalised scheme of preferences plus (GSP+), bring in new EU investment and encourage European firms to import. #
The EU is Pakistan’s second most important trading partner, accounting for 14.3 per cent of the country’s total trade in 2020, and absorbing 28 per cent of Pakistan’s total exports.
Pakistan’s exports to the EU are dominated by textiles and clothing, accounting for 75.2 per cent of the total exports to the bloc in 2020.
As a result of GSP+, more than 78 per cent of Pakistan’s exports enter the EU at preferential rates. Around 80 per cent of the textiles and clothing articles imported to the EU from Pakistan enter the region at a preferential tariff rate. Around a quarter of these imports are bed linen, table linen and toilet and kitchen linen.
Fibre2Fashion News Desk (DS)
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