Here’s Why Pakistan Cannot Afford to Lose EU Export Benefits

Pakistan cannot afford to lose the European Union's trade benefits, with exports rising 108 percent since the country received GSP Plus status and total trade increasing to EUR 14.85 billion.

Key points

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• Shehbaz reaffirmed Pakistan's commitment to strengthening its broad-based partnership with the EU and fully implementing the Pakistan-EU Strategic Engagement Plan.
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• They expressed satisfaction with the growing momentum in high-level exchanges and engagement between Pakistan and the European Union.
• The leaders additionally discussed regional and global developments and reaffirmed the importance of dialogue, diplomacy, international law and the peaceful resolution of disputes.

Prime Minister Shehbaz Sharif met European Council President António Luís Santos da Costa and European Commission President Ursula Gertrud von der Leyen on the sidelines of the 81st Session of the United Nations General Assembly to review Pakistan-EU relations.

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Shehbaz reaffirmed Pakistan's commitment to strengthening its broad-based partnership with the EU and fully implementing the Pakistan-EU Strategic Engagement Plan. He additionally stressed the importance of sustained leadership-level engagement to provide greater direction and momentum to bilateral relations.

In practice, the prime minister emphasized the importance of GSP Plus for Pakistan's economic development, employment generation and trade with the EU and reiterated Pakistan's commitment to continued engagement with the bloc under the framework.

Pakistan was granted GSP Plus status by the EU in 2014, providing duty-free access to the European market for a significant portion of its exports, covering around two-thirds of EU tariff lines. While total trade rose from EUR 8.3 billion in 2013 to EUR 14.85 billion in 2022, as the report notes, Pakistan's exports to the EU rose by 108 percent between 2014 and 2022.

Notably, the leaders additionally discussed regional and global developments and reaffirmed the importance of dialogue, diplomacy, international law and the peaceful resolution of disputes. Shehbaz invited the European Council and European Commission presidents to visit Pakistan and expressed his desire to continue working with EU leadership to deepen the partnership. Stay Connected with ProPakistani.

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