The United Kingdom (UK) will roll out its own GSP scheme for developing countries including Pakistan, said Advisor to the Prime Minister on Commerce and Industries Razak Dawood.
The advisor took to twitter on Monday, while saying that the UK Foreign and Commonwealth Office (FCO) has assured the Ministry of Commerce that post-Brexit, GSP+ concessions for Pakistan will continue till December 31, 2020. "UK will then roll out its own GSP scheme for developing countries including Pakistan," said Dawood, adding that the UK had been Pakistan's top export destination with over 90 percent exports under GSP+. The advisor further said that discussions on bilateral arrangements were underway.
Ministry of Commerce has released Rs9.373 billion bringing the total to Rs27 billion to textile exporters under various schemes during the last three months, said Secretary Commerce Ahmad Nawaz Sukhera. The secretary also took to twitter on Monday and said that under various schemes the government released Rs9.373 billion to the textile sector.
He further said that Rs3.9 billion were paid under the duty drawbacks of taxes (DDT) 2018-2021, Rs3.8 billion under DDT 2017-2018, Rs1.5 billion under duty drawbacks on local taxes (DLTL) 2009-2011, Rs20 million under DDT 2016-2017, and Rs4 million under DLTL 2016-2017. This is in addition to Rs17.7 billion released by the MoC in December 2019. Total of Rs27b paid to textile sector in three moths, he added.
The MoC also released Rs1.4 billion to non-textile exporters under various schemes. This helps improve liquidity position of the export sector. Textile and non-textile by about Rs28.5 billion during the last three months, which would help exporters increase their exports, he added.
Last week, Dawood announced that Pakistan would continue to enjoy tariff preferences in EU under GSP+. He thanked the EU institutions and all relevant federal ministries and provincial departments of Pakistan, steered by Treaty Implementation Cell of Ministry of Commerce to meet GSP+ obligations. He said this would strengthen the government's resolve to continue to improve the social and economic conditions of the people. He urged the business community to diversify their exports to capitalise on this opportunity to the optimum.
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