WEB DESK: The European Commission has declared Pakistan the single largest beneficiary of its Generalized Scheme of Preferences (GSP) Plus scheme, with the country securing record trade savings and export growth in 2024.
According to the commission’s annual report, Pakistani exports worth €7.5 billion were eligible for GSP Plus concessions last year, allowing the South Asian nation to save approximately €732 million in tariffs. The report also highlighted a sharp increase in utilization, with Pakistan using 95.1% of available European trade preferences—up significantly from previous years.
The scheme, which grants zero or reduced duties to vulnerable developing countries, delivered a major boost to Pakistan’s key industries. Garments, textiles, leather goods, and processed food products were among the top beneficiaries, with the report noting that 28% of Pakistan’s total global exports were purchased by the European Union in 2024.
Crucially, Islamabad maintained its ratification of all 27 international conventions required under GSP Plus—covering human rights, labor standards, environmental protection, and good governance—and continued full cooperation with the EU’s monitoring process. This compliance has been central to retaining the trade privilege, which is renewed based on sustained performance.
The development marks a significant milestone for Pakistan’s export-driven economy, as the government and industry bodies hailed the EU’s recognition of the country’s commitment to preferential trade terms.
