GSP plus scheme - Pakistan benefits from exports to the EU

Since 1th January 2014 Pakistan benefits from the GSP plus scheme of the EU. The European Union has granted the Generalized Scheme of Preferences (GSP) Plus status to Pakistan. This status allows Pakistani products to access to the EU market through duty free imports of GSP-eligible products. This is seen as a positive development for the economy.

The following two links guides you to more details and relevant information regarding GSP plus.

The EU Export Helpdesk, a free online database for developing countries, provides information about EU tariffs, proofs of origin and other requirements for access to the EU market.

List of handling details along with a list of products.

Investment and Trade Opportunities in Pakistan

Pakistan is the 27th largest economy of the world in terms of purchasing power and 45th Largest in absolute dollar terms. Located in the heart of Asia, Pakistan is the gateway to the energy rich Central Asian States, the financially liquid Gulf States and the economically advanced Far Eastern tigers. This strategic advantage alone makes Pakistan a marketplace teeming with possibilities. A large part of the workforce is proficient in English, hardworking and intelligent. Pakistan possesses a large pool of trained and experienced engineers, bankers, lawyers and other professionals with many having substantial international experience.

Pakistan is one of the fastest growing economies of the world having touched a GDP growth rate of 8.4% in 2005. Today Pakistan has over 170 million consumers with an ever growing middle class. Foreign Direct investment has risen sharply from an average of $300 million in the 1990s to over $3.7 billion in 2008-09. Fiscal deficit has declined from an average 7% of GDP in the 1990s to around 3% in recent years. And FOREX reserves have increased from $3.22 billion in 2000-01 to over $17 billion in November 2011. The capital markets are being modernized, and reforms have resulted in development of improved infrastructure in the stock exchanges of the country. The Securities and Exchange Commission of Pakistan has improved the regulatory environment of the stock exchanges, corporate bond market and the leasing sector. Whilst the Federal Board of Revenue has facilitated structural reform in tax and tariffs and the State Bank of Pakistan has invigorated the banking sector into high returns on investment. Current investment policies have been tailor made to suit investor needs. Pakistan's policy trends have been consistent, with liberalization, de-regulation, privatisation, and facilitation being its foremost cornerstones.The World Bank recognized Pakistan the 83rd most business friendly country in the world in its annual 'Ease of Doing Business' report. Recent reforms improved our position and helped sustain our position as the first most business friendly location in our region.

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