ISLAMABAD – Pakistan is ready to avail the opportunity emerged afterannouncement by the US to withdraw special duty benefits on around US$5.6billion Indian exports under Generalized System of Preference (GSP).
On March 05, the United States decided to withdraw import duty benefitswhich were in the range of 1-6 percent, under its Generalized System ofPreference (GSP) programme, Senior Official of Ministry of Commerce andtextiles told APP here on Thursday.
He said that United States (US) provides the status of GSP to 121developing countries including India , Afghanistan and Botswana to getthese non-reciprocal,duty free imports of certain product.
Around 2,000 Indian products were enjoying the duty free status before theannouncement.
Senior official said that United States and Pakistan would discuss thematter in coming meeting of Trade and Investment Framework Agreement to beheld in coming March for negotiating the different trade issues betweenboth of the countries.
Replying to a question, he said that both sides would negotiate onpossibilities of proposed Free Trade Agreement (FTA) for increasing thetrade between the two countries.
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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 givenus facility of GSP-Plus worth $ 700 million annually.
In December 13, 2013 Pakistan and the EU signed the GSP-Plus statusallowing 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, $965billion, and $416 billion per year respectively.
