US renew GSP scheme for Pakistan

US renew GSP scheme for Pakistan
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ISLAMABAD: The US House of Representatives has passed a bill to renew the Generalised System of Preferences (GSP) scheme allowing duty free access for goods from 120 countries including Pakistan for the next three years.

The scheme expired on December 31, 2017. The Bill now provides an extension up to December 2020.

A senior official in the commerce ministry told Dawn that this was the first hurdle in the renewal of the package. Now, the bill will be presented in the US Senate for a passage.

After the passage of the bill, US president Donald Trump will sign it into a law.

According to the official, Pakistan is one of the beneficiaries of the scheme. He was optimistic that the bill will sail smoothly through the US senate. He said impact on trade volume is limited due to small participation.

The official said the new eligibility criteria will also to be met by the beneficiary countries.

Economy