Pakistan GSP Plus status likely to be enhanced for another 3 years term

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Pakistan GSP Plus status likely to be enhanced for another 3 years term

ISLAMABAD - Prime Minister Shahid Khaqan Abbasi says government is determined to protect rights of the business community as it plays an important role in economic development.

He was talking to a delegation of traders association of the federal capital in Islamabad on Friday.

The Prime Minister directed Minister of State for Capital Administration and Development Division Dr Tariq Fazal Chaudhry to take steps on priority basis for the legislation to protect rights of the business community of the federal capital.

The delegation apprised the prime minister of problems being faced by Islamabad's business community and requested him to issues directions for their resolutions.

Meanwhile, chairing a high level meeting to review efforts for continuation of GSP Plus status for Pakistan beyond 2018, Prime Minister Shahid Khaqan Abbasi has directed to maintain a focused approach towards ensuring continuation of Generalized System of Preferences Plus status and take all necessary measures to maintain the growth oriented trend.

Commerce Division briefed the meeting in detail regarding Pakistan’s compliance with the requirements of GSP Plus.

It was informed that periodical review by Pakistan has already been submitted and has been examined by the European Union.

Commerce Division further informed that positive outcome is expected after the examination of the periodical review and the GSP Plus status will obtain roll-over for another three years term.

It was also informed that over the past five years Pakistan’s exports to EU registered 45 percent increase while value added textile products registered 88 percent increase.

Economy