Pakistan’s trade with European Union has experienced substantial boost after Pakistan was granted the GPS+ status.
According to Eurostat figure the trade figure which stood at 9,603 million Euros in the year 2014 raised to a total figure of 10,400 million Euros in the year 2015. The trade figure seems to be experiencing a consistent rise as it had stood at a figure of 8,377 million Euros in the year 2013.
The year 2016 witnessed an export of 6,071 million Euros from Pakistan while the import figure stood at 4,428. Exports for the period January-August 2016 stood at 4,207 million Euros while this figure for the year 2015 was 4,088 which depict an increase of 3%.
So what are the major Pakistan exports to EU? These are
- Home Textiles
- Surgical Instruments
- Sports Good
To further enhance ties with European Nation, 2 days conference was organized by Pakistan Embassy in Brussels to explore new opportunities, review challenge and formulate strategies regarding trade and investment with EU especially in GSP+ context.
Speaking at the conference Engineer Khurram Dastagir Khan expressed his resolve to counter challenges which Pakistan is facing in the EU Market. He also laid emphasis on devising strategies aimed at promotion of Pakistani products in the EU Market. He also took the opportunity to point out the opportunities that CPEC has opened for Pakistan economy
Addressing the trade officers he suggested them to be on the outlook for opportunities in lieu of diversification of exports in terms of both goods and services in their jurisdiction. He also acknowledged how the constant improving security situation of Pakistan is facilitating investment and growth in Pakistan. Pakistan is witnessing investors from all part of the world willing to invest in Pakistan especially after the CPEC.
However, he also pointed out that Pakistan has opted for liberal investment policies in order to attract foreign investment.
Since many of EU countries have expressed their interest in joining CPEC including Romania along with Britain who has recently opted out of EU Pakistan is expecting a substantial increase in trade figure.
It is pertinent to mention here that France and Germany have also expressed their interest in joining China Pakistan Economic Corridor. Many of these countries have already sent their delegates to Pakistan to identify areas of mutual interest for investment and collaboration between the two countries.