Significant increase of $3.8bn in exports to Europe

Islamabad: Pakistani exports to Europe have increased significantly by $3.8 billion in the current fiscal year.

The efforts of the Special Investment Facilitation Council (SIFC) have increased the demand for Pakistani products in Europe.

In October 2023, the European Parliament approved the extension of GSP Plus status to provide duty-free access to European markets for Pakistan until 2027. The GSP Plus scheme provides developing countries with preferential access to the European Union market and exemption from duty taxes on certain products.

In the first five months of the current fiscal year, exports to European countries have increased significantly by 8.62 percent. Exports include textiles, leather products, garments, cotton products, sports goods, beverages, surgical instruments, and carpets.

Pakistani exports reached $3.8 billion, which was $3.5 billion in the same period last year. Exports to European countries including the United Kingdom, the Netherlands, France, and Germany have gradually increased.

SIFC's successful policies continue to encourage new investment in industries and the journey of economic growth.