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Pakistan moves a step closer to get EU GSP Plus status
07
Nov '13
Pakistan has moved a step closer towards achieving the European Union’s Generalised Scheme of Preferences (GSP) Plus status, as the EU Parliament’s International Trade Committee has voted 17-12 in favour of Pakistan’s inclusion in the scheme for duty-free access to European markets, according to Pakistani media reports.
 
The GSP Plus package of trade concessions, to be effective from January 1, 2014, needs to be formally approved by the European Parliament, before it is implemented.
 
Under the GSP Plus scheme, EU would eliminate or reduce import duties on several Pakistani products, including textile and clothing products, which would greatly help the country to boost its exports.
 
The scheme is expected to give a major boost to Pakistan’s exports to Europe, especially the textile and apparel exports.
 
At present, Pakistan’s textile exports to the EU markets attract 11 percent duty, which makes it difficult to compete with other countries like Bangladesh, which enjoy tariff benefit for exports to the EU.
 
The All Pakistan Textile Mills Association (APTMA) expects the GSP Plus status to double the country’s textile exports to US$ 26 billion from the current US$ 13 billion over a four-year period.
 
In fiscal year 2012-13, the EU accounted for about 25-30 percent of all textile and garment exports from Pakistan.
 
Welcoming the EU Parliament’s International Trade Committee’s decision, the Pakistan Textile Exporters Association (PTEA) said the duty waiver would boost the country’s textile exports to the EU by 30 percent.
 

Fibre2fashion News Desk - India


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