Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh has called for expanding the GSP Plus Scheme to additional sectors in order to boost multilateral trade with EU nations. He said Pakistan places a high value on its GSP Plus status since it has been crucial to the growth of multilateral trade, while speaking to a delegation from the EU Parliament led by Hervc Juvin.

Irfan said that in 2021, Pakistan's overall trade with the EU was $13.289 billion, of which $7.63 billion was local exports, accounting for 29.4% of total exports and registering a positive local trade balance with the EU. The GSP Plus Scheme is now restricted to the textile industry, so he called for expanding it to other sectors.

According to Irfan, trade, climate change, and the GSP Plus Scheme are only a few of the important sectors covered by Pakistan-EU ties. He listed a number of promising industries, including the pharmaceutical, surgical, sports goods, agricultural, mining, and gem and stone industries, and stated that Pakistan needed foreign investments through joint ventures in these fields.

He also emphasised the potential of Pakistan's tourism industry and asked investors to make investments in this field. He emphasised that CPEC is crucial for Pakistan and that Pakistan is a gateway to the central and southern Asian markets. He also welcomed European businessmen to benefit from the lucrative investment prospects in Pakistan.

According to FPCCI President, the government of Pakistan is trying to turn the country's female population into a productive labour force. He informed the delegation that 24 women's chambers of commerce and industry have already been established as part of FPCCI's assistance for female entrepreneurs.

The head of the EU Parliamentary delegation, Hervc Juvin, stated that every nation needs international trade to thrive. The GSP+ status for Pakistan is set to expire in December 2023, and the EU has already begun the process of renewing it, he added.

Juvin said, "The GSP Plus scheme of the European Union for Pakistan will be ended this year while the EU has started favourable work on the further renewal of the scheme from January 2023 with diversification of potential sectors of Pakistan’s economy."

Credit : Independent News Pakistan-WealthPk