Pakistan is yet to fully tap the potential to raise trade volume with the European Union (EU) despite achievements following the Generalised System of Preferences (GSP) Plus incentives, EU ambassador to Pakistan Jean-Francois Cautain told the Pakistan Textile Exporters Association (PTEA). EU will finalise a new plan to strengthen ties with Pakistan, he said.
EU had adopted a five-year engagement plan in 2012. Cautain also highlighted various initiatives taken by the European Union to help in the economic development of Pakistan, according to Pakistan media reports.Pakistan is yet to fully tap the potential to raise trade volume with the European Union (EU) despite achievements following the Generalised System of Preferences (GSP) Plus incentives, EU ambassador to Pakistan Jean-Francois Cautain told the Pakistan Textile Exporters Association (PTEA). EU will finalise a new plan to strengthen ties with Pakistan, he said.#
GSP Plus incentives helped Pakistan build up its capacity to become more effective and competitive partner in international economics, PTEA chairman Shaiq Jawed said. Exports to EU jumped from 4.54 billion euro in 2013 to 6.29 billion euro in 2016, he said.
The textile export sector, the major beneficiary of the duty waiver facility, also gained a significant momentum with a 55 per cent increase, he said. (DS)
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