Trade Arrangements between Pakistan and EU/UK

This brief attempt lays down the features of the Generalized Scheme of Preferences
(GSP+ scheme) and Developing Countries Trading Scheme (DCTS) and the need to
enter into Free Trade Agreements (FTAs) with the European Union and England, in
the context of Pakistan. The purpose of both GSP+ and DCTS is to provide developing
countries including Pakistan with access to the European and British markets,
respectively, without any tax liabilities. With the foregoing advantage, there are also
certain disadvantages, such as trade-caps restrictions and onerous requirements to
conform to certain conventions and treaties. To ensure improved trade arrangements
which should also enhance its quality of exports, Pakistan should pursue FTAs with
the EU and the UK.