Business community has welcomed the grant of duty free access to Pakistan textile made-ups by the Europe Union (EU) under the provision of Generalised System of Preference (GSP) plus with effect from January 1, 2014. Commenting on news item appeared in a section of press, they said that it was heartening to note that EU countries' leaders have supported to accommodate Pakistan in the new GSP Plus initiative from 2014 onwards. Pakistan is fortunate to be a preferred, strategic and largest economic partner of EU.
The EU's Parliament granted approval of this facility by a majority vote. The facility will provide duty free access to 3,500 products. There was duty of 11 percent on Pakistani textiles, which has been abolished with effect from January 1, 2014. Pakistan can earn an additional 550-700 million dollars per year through GSP Plus status, they expect.
They said that the EU has recognised that Pakistan needs more trade and not just aid.
They expressed hope that Pakistan can meet the conditions related to human rights, labour rights and environment. The new GSP regulations represent an important opportunity for Pakistan's relations with the EU, not only just in trade but the overall political and economic relations.
The objectives of the EU's new GSP are to focus on help to those truly in need, to strength GSP plus as an incentive, to good governance and sustainable development Chairman Federal B area Association of Trade and Industry (FBAATI), Shaikh Muhammad Tehseen, has expressed satisfaction on news and urged Pakistani exporters to enhance export to EU. He said it is a major break-though and it will help boost Pakistan textile exports.
Former chairman FBAATI, Masroor Alvi said after almost ten years business community, specially related to textile sector got very big and encouraging news. He expressed hope that the textile and garment units which are running under capacity will resume production at full capacity. He mentioned that in last 10-12 year not a single textile and garment units has been established in the country and hoped that this facility will boost industrialisation.
He emphasised the need of making efforts to improve law and order so that foreign buyers should also start coming to Pakistan for export deals. Former chairman North Karachi Association of Trade and Industry (NKATI), Abdul Rashid Foderwala has expressed that getting GSP plus is a good sign for Pakistani garment sector it will defiantly boost Pak export to EU countries.
He said up till now Pakistan was facing tough competition with Bangladesh due to high cost and GSP plus status. He said that now Pakistan has got an edge, price vice, around 11 to 12 percent over Bangladesh President Lasbela Chamber of Commerce and Industry (LCCI), Ismail Suttar has welcomed the grant of GSP Plus status.
He congratulated the manufacturers and exporters of textile products, who have now got the opportunity to penetrate into the EU market. Ismail Suttar appreciated the efforts of the Punjab Governor, Muhammad Sarwar, whose efforts and lobbying with the EU Parliamentarians resulted in providing this facility to Pakistan. He also urged the US authorities to facilitate the Pakistani Exporters in similar way to provide duty free US market access to Pakistani exports Dr Ikhtair Baig former devisor to Prime Minister on textile in SMS massage has thanked the Governor Punjab Chaudhry Muhammad Sarwar for his tireless efforts to get duty free status GSP plus for Pakistan goods to EU from January 1,2014.
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