Multan, April 10, 2015 (PPI-OT): Mian Iqbal Hassan President of Multan Chamber of Commerce and Industry (MCCI)has said that Pakistan has miserably failed to take advantage of generalised scheme of preferences (GSP) plus status extended by the European Union (EU) and our manufacturers should avail this opportunity to earn more and more foreign exchange and increasing the exports.
He was delivering his presidential address at an awareness seminar jointly organised by MCCI and Pothoar Organisation for Development Advocacy (PODA) here today. He said that the GSP plus status granted to Pakistan is conditional on the ratification and implementation of 27 international conventions in the areas of human rights, labour standards, environment and good governance.
Adoption of these conventions will assist Pakistan in integrating into the cross-border supply chain, which will strengthen manufacturing activity and further promote its exports. Pakistan has ratified almost all the conventions. The most critical aspect of these conventions is that the EU through the unnamed third parties from civil society or non-government organisations will strictly monitor the compliance.
In quantity terms, there is some growth of 20 percent in value added textile products that mainly include knit wear, bed wears and readymade garments, he added. Naushaba Arif of PODA said that Pakistan should work with the organisations which were doing work on seven basic human rights. Ms. Zoe Leffler a representative of European Union said “Award of GSP Plus status shows the confidence of international markets in the excellent quality of Pakistani products”.
She said that this status would enable Pakistan to export more than US$1 billion worth of products to the international markets. Dr. Qais Aslam an economist said that GSP Plus status will allow almost 20 per cent of Pakistani exports to enter the EU market at zero tariff and 70 per cent at preferential rates.
Only the textile industry would earn profits of more than Rs1 trillion per year, Qais said. He further said that EU trade concessions will benefit the country’s largest manufacturer and exporter, the textile and clothing industry, the most by enabling its products to compete with those of regional rivals like Bangladesh and Sri Lanka, which already have duty free access to the bloc’s market. Bushra Khaliq Also spoke.
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