ICCI hails continuation of GSP-Plus facility with EU
ISLAMABAD: President Islamabad Chamber of Commerce and Industry (ICCI) Muhammad Ahmed Waheed on Sunday welcomed the continuation of Generalized System of Preferences-Plus(GSP +) status from the European Union (EU) for benefiting the country from preferential duties status for next two years.
The GSP-Plus facility has been achieving by Pakistan since January 14, 2016, now continuation of this preferential trade facilities for next two was an achievement for the country, which also enhanced the level of trust by international community on Pakistan, Muhammad Ahmed Waheed told APP here.
President ICCI said that now local traders and exporters are ready to compete with other regional countries for increasing local exports in different potential makers of the world including the EU.
He said that after signing this agreement, local traders can get huge benefits and Pakistan exports to EU countries had already increased by 40 percent in different sectors including agriculture. He said that EU market had huge potential for local exporters and “We have already connected with bigger economies of EU including Germany, France, Spain and Netherlands to achieve the more market besides the GSP-Plus status.
He said that after the finalization of China Pakistan Free Trade Agreement (CPFTA) and now continuation of GSP-Plus in EU give huge opportunity to the local business community for increase our exports. He said that in current scenario, exports led growth would be necessary for achieving the economic objective and target set by government and business community is ready to support the government in this regard.
President ICCI said that during the recently Visit of United Sates (US), Secretary Commerce Wilbur Ross, US and Pakistan had agreed to engage in long term economic and trade cooperation for increasing the bilateral cooperation. He said that Pakistan can get opportunity to get GSP status for preferential trade in potential US, market to enhance country’s exhorts and engage them in future cooperation to capture big chunk of the US market. He said that US exported $2.6 billion worth of goods to Pakistan in 2019.”US companies made more than $1.4 billion in direct investments in Pakistan since 2016,” he said.
Now government facilitates the local exporter to get more benefits from US market, he said. While replying to a question on new potential markets for multilateral trade, he said the government must have to search the new potential markets in different parts of the world to increase trade. – APP