EU May Allow Pharmaceutical Imports from Pakistan

Staff Report

European Union (EU) may consider allowing Pharmaceutical Imports from Pakistan to EU countries to fetch more in export revenues.

Pakistan has been relying on two key sources of bringing dollars into Pakistan. These dollar revenue sources included exports and remittances.

EU has already granted GSP plus status to Pakistani production that had increased exports.

Atif Iqbal, President of the Pakistani Pharmaceutical Manufacturers Association has revealed in a statement here.

According to a press release, in a potentially significant development, the European Union Ambassador to Pakistan, Ambassador Riina Kionka, has expressed openness to including pharmaceuticals in the list of products Pakistan can export to the EU under preferential trade terms.

Iqbal noted Ambassador Kionka’s positive response to his suggestion that the EU explore ways to facilitate access for Pakistani pharmaceutical companies to EU markets.

“Diversifying our export basket is crucial,” Iqbal emphasized, “and the EU, with its €18 trillion economy, represents a prime target for Pakistani pharma.”

During their meeting, Iqbal highlighted the potential of the thriving Pakistani pharmaceutical industry to help address the country’s trade deficit.

He said that the Pakistani industry can establish joint ventures with European counterparts, and generate significant employment through increased production and technology transfer.

He emphasized that collaboration with the EU could play a vital role in strengthening Pakistan’s economic position.GSP Plus Incentives: EU Asks Pakistan for Practical Application of Commitments

Pakistan has achieved an impressive 108% growth in exports to the EU over the past decade, but Iqbal cautioned against complacency.

To maintain GSP Plus status, which grants preferential trade benefits, Pakistan must remain vigilant in fulfilling EU criteria on human rights, labor rights, environmental standards, and good governance – the four key areas under review.

Ambassador Kionka informed the business community that a new EU Parliament and Commission will be formed in June 2024, potentially leading to revisions or changes in the GSP Plus rules.

She urged Pakistan to stay on track with EU requirements in the aforementioned areas to ensure continued favorable trade status.