Pakistan ready to avail opportunity emerged after US decision to withdraw GSP exports benefits from India
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ISLAMABAD - Pakistan is ready to avail the opportunity emerged after announcement by the US to withdraw special duty benefits on around US$5.6 billion Indian exports under Generalized System of Preference (GSP).
On March 05, the United States decided to withdraw import duty benefits which were in the range of 1-6 percent, under its Generalized System of Preference (GSP) programme, Senior Official of Ministry of Commerce and textiles told APP here on Thursday.
He said that United States (US) provides the status of GSP to 121 developing countries including India , Afghanistan and Botswana to get these non-reciprocal,duty free imports of certain product.
Around 2,000 Indian products were enjoying the duty free status before the announcement.
Senior official said that United States and Pakistan would discuss the matter in coming meeting of Trade and Investment Framework Agreement to be held in coming March for negotiating the different trade issues between both of the countries.
Replying to a question, he said that both sides would negotiate on possibilities of proposed Free Trade Agreement (FTA) for increasing the trade between the two countries.
Replying to another question, he said that Pakistan is already enjoying the Generalized System of Preference (Plus) facility from European Union.
Now the European Union is large trading partner of Pakistan which has given us facility of GSP-Plus worth $ 700 million annually.
In December 13, 2013 Pakistan and the EU signed the GSP-Plus status allowing duty free access to Pakistan's products, particularly textile, agro and food sector.
He said in EU countries, Pakistan's major exports go to United Kingdom, Germany, Spain, and France valuing $1.7 billion, $1.3 billion, $965 billion, and $416 billion per year respectively.
