Grant of 4,000 metric tons of Exceptional Flexibility (EF) quota by the EU would not only help Pakistan to increase its export earnings but also help avert the threats of closure of factories due to the full utilisation of already available quotas.
In a statement issued here on Tuesday, Dr Khurram Tariq, Central Chairman Pakistan Hosiery Manufacturers Association (PHMA) said that most of the units were facing threats of closure after the utilisation of available quotas.
This situation was not only detrimental to the law and order situation but was also multiplying their financial problems that needed additional funds to upgrade their existing machinery to face the new challenges of quota free international markets.
Appreciating the strenuous efforts made by Secretary Commerce Tasneem M. Noorani, he said that grant of 2,000 MT, 500 MT and 1500 MT in category 4, category 5 and category 20 respectively will undoubtedly inject fresh blood in the knitwear industry.
He said that the Pakistan will earn approximately 45 million dollars from this additional Exceptional Flexibility Quota and hoped that it would play a major role for the further progress and prosperity of Pakistan.
He also hoped that as a result of the composite and constructive dialogue with the EU authorities the issue of Generalised System of Preferences (GSP) would also be resolved and Pakistan would get extension of the duty free facility.
The chairman PHMA was appreciative of the co-operation of Pascal Lamey and European Commission's Director General for Trade Mogens Peter Carl for their sympathetic consideration to the Pakistan's demand for exceptional flexibility.
Dr Khurram Tariq has also thanked the secretary commerce and economic minister at Brussels Tariq Iqbal Puri for their committed and painstaking negotiations with European Union authorities.
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