PHOTO: REUTERS
ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) has hailed the restoration of the GSP Plus programme by the US and has termed it a highly positive development for the Pakistani economy as it would help improve the country’s exports and reduce trade deficit.
The total volume of US procurement is around $1.7 trillion and restoration of GSP Plus has created a good opportunity for Pakistani exporters to penetrate the huge US market, said ICCI President Muzzamil Hussain Sabri.
He said after the grant of GSP Plus by the European Union, Pakistan’s exports to EU increased 21%; now the concession of duty-free access to the US markets will create prospects to further boost exports.
“Under the GSP, Pakistan can export over 3,500 items to the US market without paying any duties on them,” said Sabri, while adding that most of the textile and leather products, however, were not included in this facility.
“Textile and leather products are our main exports,” he added, urging the government to convince US authorities to include these products in the programme.
“Pakistan and the US are key allies in the fight against terrorism, but bilateral trade between the two countries stands at just $5.3 billion; far below the actual potential,” Sabri added.
He asked the government to cooperate with the private sector in its efforts aimed at diversifying exports.
“The government should support exporters in capacity building so that they can compete more efficiently in the international markets along with ensuring uninterrupted power and gas supply to industries.”
The US has renewed its GSP programme for Pakistan through Dec 31, 2017 effective retrospectively between Aug 1, 2013 and July 28, 2015.
Published in The Express Tribune, August 25th, 2015.
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