By Raza Khan ISLAMABAD, April 04 (INP-WealthPK): Bilateral trade between Pakistan and the European Union has increased by 78% during the last seven years under the Generalised Scheme of Preferences (GSP-Plus), the ministry of commerce has reported. Trade volume between Pakistan and EU members states rose to €12.2 billion in 2020-21 from €6.9 billion in 2013-14, according to a ministry of commerce report available with WealthPK. Pakistan’s exports to the EU increased by 86.51% from €3.56 billion in 2013 to €6.64 billion in 2021. Likewise, Pakistan's imports from EU member states rose 69% from €3.31 billion in 2013 to €5.59 billion in 2021. The European Union's GSP-Plus is a scheme of extensive trade concessions, which aims to help a few developing countries, selected on the basis of adopting principles of sustainable development and good governance in their national policies through effective implementation of 27 UN conventions. In December 2013, the EU Parliament had enacted legislation, putting in place its GSP Scheme for a period from 2014 to 2023. Pakistan was initially included among 13 countries as one of the beneficiaries of the GSP-Plus trade concessions. Under GSP-Plus, Pakistan has duty-free access to 66% of EU tariff lines. According to Pakistan’s export composition to the EU in 2021, the apparel and clothing sector accounted for 45% of total exports followed by home textiles with 23% shares. Other exports are fabric and yarn (7%), food products (7%), leather apparel (5%) and surgical goods (3%). Pakistan's exports to the EU in home textiles have grown from €696 million in 2013 to €1.68 billion in 2021, registering an increase of 141% with a market share of 8%. The country’s exports in textile apparel and hosiery have grown from €1.05 billion in 2013 to €2.62 billion in 2021, showing an increase of over 150%, with a market share of 1.6%. Regarding EU export composition to Pakistan, machinery and electrical goods accounted for 30%, followed by chemical products (11%), iron and steel (9%), pharmaceutical products (8%), agriculture products (8%), medical and surgical instruments (6%), plastic and paper (5%) and textile (4%). Since 2013, EU exports to Pakistan have increased substantially in diverse sectors, including machinery (49%), iron and steel (114%), pharmaceuticals (143%), plastics (79%) and medical instruments (45%). EU exports to Pakistan in machinery and electrical equipment rose to €1.578 billion in 2021 from €1.059 billion in 2013. Similarly, the bloc’s exports in the pharmaceutical sector rose to €642 million in 2021 from €264 million in 2013, posting a growth of 143%. According to the data available with WealthPK, Pakistan sent 28% of its total exports in 2021 to the EU countries. According to the ministry of commerce, since Pakistan was given the GSP-Plus status, exports of EU member states to Islamabad have also seen a growth of 69%, indicating expansion in bilateral trade. The increased bilateral trade has improved macroeconomic indicators in Pakistan, thus creating more jobs, ensuring better working conditions for people, and promoting sustainable policies.