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'Opt for value-addition to get full benefit from GSP+'
29
Jan '14
Pakistan’s industrialists and investors should opt for value-addition to get maximum benefit of the Generalised System of Preferences Plus (GSP+) status given to the country by the EU, Textile and Commerce Minister Khurram Dastgir Khan has said, reports APP.
 
The Minister was addressing a gathering of industrialists and entrepreneurs at Multan Chamber of Commerce and Industry. He said Pakistan’s exports are immediately expected to increase by US$ 1 billion per annum due to the GSP+ status, but to earn more Pakistan would have to opt for value addition in all sectors, especially the textiles sector.
 
He said there is relatively lower consumption of energy in value-addition, which creates employment opportunities for a greater number of people, especially women. Value-added products fetch premium price from export market and it takes comparatively less time to set up a unit for production of value-added items, he added.
 
He expressed hope that most of the problems confronting Pakistan would be resolved to a greater extent by June 2015, but the ongoing and the next fiscal year would be difficult.
 
He mentioned that the trade related talks with neighbouring India are now focused on ‘Non discriminatory market access on reciprocal basis’, instead of the earlier focus on Most Favoured Nation (MFN) status.
 
He said the Government is determined to address the power and energy issue and is in talks with India for linking power grids of the two countries. Talks on Pakistan-Iran gas pipeline project are also in progress, he informed.
 
As per Annex-IX of the EU Regulation-978, the entire textiles and clothing products from Pakistan, i.e. HS chapter 50 to 63 are included in GSP+ Scheme and have earned duty free access to the 28-member EU from January 1, 2014.
 

Fibre2fashion News Desk - India


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