Pak exports to Spain up 85pc after signing GSP- Plus

ISLAMABAD: Pakistan's exports to Spain increased by 85 percent after the signing of Generalized Schemes of Preference (GSP-Plus) in January, 2014.

Due to manifold increase in exports, Spain has emerged as third largest export destination for Pakistan's exports, official sources said.

Prior to signing of GSP-Plus facility in 2013, the country's exports to Spain were Just Euroes 4.2503 million.

The exports have now increase up to Euroes 7087.83 million as recorded in December 2016, showing highest increase in Pakistani exports to Spain, Senior official of Ministry of Commerce and Textile told APP on Wednesday.

New tarde policy mainly targeted the international and internal trade for improving supply chain, enhancing use of technology and providing competitiveness," he said.

"We are working to search new trade avenues and markets in different regions of the world for promotion of country's trade.

He said that Free Trade Agreements (FTAs) with Turkey, Thailand and Iran were under negotiation phase and agreement would be finalized in coming months.

The official said that priority of the government would be to initiate the FTAs on same pattern with the Latin American Countries for promotion of free trade.

The government is committed to provide direction and promote diversification to internal trade for enhancing supply chains to enhance country's exports.

The South American markets had great potential which needed to be exploited by taking timely measures he said, adding that Pakistan could get benefit from this untapped potential.

Argentina, Brazil, Colombia and Cuba have huge import potential for promoting trade from Pakistan.

He said that the Strategic Trade Policy Framework (STPF) envisaged diversification of export markets through adoption of an outreach strategy for Africa, Commonwealth of Independent States (CIS) and Latin America.

The STPF 2015-18 aims to achieve annual exports to US$ 35 billion besides improving export competitiveness and making transition from `factor-driven' economy to `efficiency-driven' and `innovation-driven' economy.