Home / Knowledge / News / Textiles / EU's GSP plus status to Pak imminent

EU's GSP plus status to Pak imminent

13
Jan '12
The much-awaited granting of European Union's Generalized System of Preferences (GSP) plus status to Pakistan now looks imminent, which is likely to result in a significant US$ 200 million per annum increase in the Asian country's textile and garment exports.

In fact, EU has already started its internal process for activation of the package once the WTO gives its final approval to the waiver.

Most of the concerns earlier expressed by countries like India and Bangladesh regarding the EU package to EU have now been addressed and hence the waiver of duty on 75 Pakistani items for export to EU is likely to be approved at the next meeting of the Council for Trade in Goods.

This would be followed by an approval from the WTO Council, which would be meeting next on February 22, 2012 in Geneva.

Subsequently, the proposal would have to be approved by the European Council and the European Parliament. It would result in admission of Pakistan to EU's GSP Plus which would come into effect from January 1, 2014.

The implementation of the GSP Plus scheme would increase Pakistan's textile and garment exports by US$ 150-200 per year, according to experts.

The duty waiver on Pakistani export items to EU will be applicable up to average 20 percent export growth to the EU, and if exports rise beyond 20 percent, goods entering EU would have to pay the duty.

However, analysts say the rise in Pakistan's exports to EU after the coming into effect of the GSP Plus scheme is likely to remain within the 20 percent limit.

Fibre2fashion News Desk - India


Must ReadView All

Pic: Ritu Manoj Jethani / Shutterstock.com

Apparel/Garments | On 31st Jul 2021

US firm Steve Madden moves production to Mexico & Brazil from China

As supply chain disruption remains a significant challenge, American...

Pic: GBG USA

Apparel/Garments | On 31st Jul 2021

Apparel & footwear firm GBG USA files for bankruptcy protection

GBG USA, an indirect wholly owned subsidiary of Global Brands Group...

Pic: Shutterstock

Apparel/Garments | On 31st Jul 2021

Asian garment industry market concentration, consolidation rise: ILO

Although Asia's garment market rose in size in value terms before the ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Main challenges are breakdown of supply chain and shrinkage of manpower

International apparel brands, Head honchos

International apparel brands
Head honchos

Launched first collection at onset of Covid

Water stewardship, Stakeholders

Water stewardship
Stakeholders

Water use efficiency remains relatively unexplored

Nina Smith,

Nina Smith

GoodWeave International, a nonprofit working to end child, forced and...

Shyam Gupta,

Shyam Gupta

Established by <b>Shyam Gupta</b> in 1978, Gargee Designer's (GD) offers...

Simone Morgante,

Simone Morgante

Based out of Como, Italy, and with technological expertise of nearly 70...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Robert Brookins, Alexium International

Robert Brookins
Alexium International

Alexium International is a specialty chemical development company...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search