The federal government is hoping to get extension of the GSP Plus status from the European Union till 2022. The status will expire in March.
Abdul Razak Dawood, Adviser on Commerce, Textile, Industry and Production and Investment, stated this in a press conference held on Thursday here at Ministry of Commerce.
Giving background information, he said that Prime Minister Imran Khan met with influential persons from the EU in Davos for lobbying to get the status of GSP plus extended.
Later, Dawood said, "I myself met with the members of the commission, council and parliamentarians in Brussels and discussed the extension on GSP Plus".
He expressed the hope that Pakistan is likely to get extension till 2022; afterwards, the EU is planning to change procedures for GSP Plus status.
Talking about his meeting with United States Commerce Secretary Wilbur Ross, Dawood said the US official discussed ways and means to further enhance trade ties with Islamabad as committed by US President Donald Trump with Prime Minister Imran Khan thrice.
He expressed hope that Pak-US economic relations would improve after signing of a peace agreement between the US and the Afghan Taliban.
The US commerce secretary assured Pakistan that it would convene a meeting of Trade and Investment Framework Agreement (TIFA) and a business opportunity conference for promotion of investment in Pakistan.
The status of Free Trade Agreement (FTA) required protracted litigations, he said.
He said that a GSP report was also shared with the federal government by the US officials where Pakistani businessmen could improve exports, added, "We will analyze the GSP US report and also consult with the stakeholders."
He said the US ambassador had stated that the US State Department had taken positive steps on travel advisory to Pakistan.
Like in India, Bangladesh, Vietnam, Cambodia, the representatives of US companies would open offices in Pakistan.
Responding to a question, he said the US companies could invest in the CPEC projects.
There is an interest of US investors in energy, oil and gas, agriculture, food processing and e-commerce, he added.
"US Petroleum Company ExxonMobil has been facing some issues which is being in consideration of Petroleum Division," he said.
He said a senior official of US International Development Finance Corporation (DFC) visited Pakistan first time and vowed to provide long-term financing for the business community.
Responding to another question, he said the Commerce Ministry would assess imports from China in the backdrop of coronavirus and its impact on domestic industry after release of February trade figures and take any decision.
Export to China have not been affected, he added.
He further claimed that July 2019 to January 2020 exports increased by 2.2 percent in value, unlike other countries in the region.
He further said the government would diversify its trade by exploring opportunities in Africa, Latin America and Russia.
"We have hired two consultants in Africa who will visit Pakistan and provide information to businessmen," he added.
Responding to question regarding hiring of a consultant Dr Maria Zulfiqar under a World Bank project, he said she was hired by World Bank and the Ministry of Commerce facilitated her with office and staff.
Commerce Ministry had no role in her appointment as a consultant, he added.
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