Looking forward : Punjab governor expresses optimism over GSP Plus

Trade preferences can potentially double exports of the country, says Sarwar.

ISLAMABAD: Punjab Governor Chaudhary Mohammad Sarwar on Tuesday said that the GSP Plus status would be instrumental for the new government in achieving long-term goals of stabilising the economy, accelerating growth and poverty alleviation.

Describing the distinctive features of the GSP Plus to Pakistan, the Punjab governor said that it would benefit Pakistan’s largest manufacturing and export sectors like textile, clothing and enable the industry to compete with regional players like Bangladesh and Sri Lanka, which already have duty-free access to the EU.

Sarwar said that Pakistan’s textile and clothing exports to the EU constitute more than half of the country’s total exports to the European Union. “There is a potential to double this in a few years,” he said. Sarwar added that approximately 40% jobs are connected with the manufacturing sector and textile-related industries, which would also witness a healthy growth in the days to come.

The Governor believes the status would boost the country’s exports, help revive the economy by creating new jobs besides spending on education, health and social services.

According to Sarwar, the government of Pakistan is fully committed to further developing the Pak-EU relations into meaningful and mutually beneficial trade propositions. “Pakistan’s inclusion in the GSP Plus status would also help re-balance South Asian market share in the EU besides having a positive impact on the local industry in EU, which rely on Pakistani products.”

The governor suggested that the textile policy should be revised for gaining optimal benefits from GSP Plus besides monitoring cell and a joint team of experts from ministries of foreign affairs and commerce.

Published in The Express Tribune, January 8^th, 2014.

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