FPCCI for enhancing GSP Plus Scheme to other sectors to promote exports.

ISLAMABAD -- Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh on Monday urged for enhancing GSP Plus Scheme to other sectors in order to further enhance multilateral trade with EU countries.

He said Pakistan-EU relations have a strategic aspect that covers all the relevant areas, including trade, climate change and GSP Plus Scheme.

While talking to an EU Parliamentary delegation headed by Hervc Juvin that visited FPCCI Capital office, Irfan said that GSP Plus status holds significant importance for Pakistan's economy as it has played a vital role in the expansion of multilateral trade.

He informed that in 2021, Pakistan's total volume of trade with the EU was recorded at at $13.289 billion out of which local exports stood at $7.63 billion, which was 29.4% of our total exports and local trade balance with the EU was positive.

However, the existing GSP Plus scheme was confined to the textile sector, he said and urged for and enhancing it to other sectors also.

Irfan Sheikh highlighted various potential sectors including pharmaceutical, surgical, sports goods, agricultural sector, minerals and mines, and gems stone and said that Pakistan needs foreign investments under joint ventures in these sectors.

He also highlighted the potential in the tourism sector of Pakistan and invited investors for investing in these sectors.

He further said that Pakistan was a gateway to the central and south Asian market, CPEC was very important for Pakistan and invited European investors...