European Union (EU) to launch first-ever Business Forum in Pakistan to facilitate SMEs

Recently, the EU has extended Pakistan's GSP+ status to 2022.

The flag of the European Union (EU) and Pakistan.

The European Union (EU) delegation to Pakistan is launching the first-ever EU-Pakistan Business Forum on the 8th of September, 2021.

The forum would provide opportunities for boosting bilateral trade on both sides.

The inauguration session of the EU-Pakistan Business Forum for Small & Medium Enterprises (SMEs) is expected to be attended by the representatives of several SMEs.`

These will include representatives from the sectors of gems, jewelry and mining, Information Technology, handicrafts, fashion-wear, and travel and tourism.

In the first session to be held in Islamabad, the participants would be informed about the EU’s GSP+ status and how to benefit from this scheme.

The EU’s Generalised Scheme of Preferences Plus (GSP+) status removes import duties from products coming into the EU market from vulnerable developing countries, such as Pakistan.

Recently, the EU has extended Pakistan’s GSP+ status to the year 2022.

More sectors, such as the agricultural and auto-parts manufacturers, will also be included in later sessions that would be held in Karachi and Lahore.

A map of the member states of the European Union (EU). (Wikimedia)

The Ambassador of the European Union (EU) to Pakistan, Androulla Kaminara, has expressed her optimism about the SMEs in Pakistan taking “full benefit” of the scheme and “expand their trade in the EU market.”

It is pertinent to note that the EU is Pakistan’s second most important trading partner.

The region accounted for 14.3% of Pakistan’s total trade in 2020 and absorbed 28% of the South Asian country’s total exports.

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