EU and Pakistan bilateral trade has showed an increase by 78 percent to €12.2 billion in 2021 from €6.9 billion in 2013, largely as a result of the enactment of the Generalised System of Preferences (GSP) Plus scheme from January 2014.
According to the commerce ministry analysis, the GSP Plus scheme is a mutually helpful arrangement that leads to an increase in trade with 28-member EU states. In December 2013, the EU parliament passed legislation that put in place the GSP scheme for 2014-23.
The official data showed that Pakistan’s exports to the EU stated noted an increase of 86 percent to €6.64 billion in the calendar year 2021 as compared to €3.31 billion in 2013.
Likewise, the exports of the EU to Pakistan also hiked up by 69 percent to €5.59 billion in 2021 from €3.31 billion in 2013.
Germany has emerged as a foremost exporter to Pakistan in 2021 to €1.33 billion as compared to €832.8 million in 2013, showing a growth of 60 percent.
Whereas the exports from Belgium showed an increase of 143 percent from €357 million to €866.1 million, Italy edged up by 75 percent, from €430.3 million to €754.1 million, Spain €359.4 million from €142.9 million, an increase of 152 percent, and the Netherlands €672.9 million from €325 million, an increase of 107 percent.
The exports of Australia to Pakistan 131 percent to $160.7 million from €69.6 million, Sweden by 32 percent to €234.4 million from €177.5 million, Finland €108.7 million from €35.5 million, Poland 24 percent to €126.2 million from €101.7 million, and Denmark €108 million from €59.9 million.
Meanwhile from 2013, the EU exports to Pakistan have considerably increased in various sectors, such as machinery and electrical equipment 49 percent to €1.57 billion in 2021 from €1.05 billion, pharmaceuticals 143 percent to €642 million from €264 million, an increase of 114 percent in iron & steel to €525 million from €245 million, plastics 79 percent to €166 million from €93 million and medical measuring instruments 45 percent to €252 million from €174 million.
Exports from Pakistan to 12 EU member states have increased by over 100 percent since 2013. The top export destination was Poland where the exports have recorded an increase of 332 percent.