2-year extension of GSP plus status will increase Pakistani exports, United Business Group.

Karachi (March 18, 2023) United Business Group (UBG) President Zubair Tufail, Chairman Shehzad Ali Malik, Secretary General Zafar Bakhtawari, Chairman Sindh Region Khalid Tawab, Secretary General (Sindh) Hanif Gohar and Central Spokesperson Gulzar Feroze have granted two-year extension of GSP Plus status to Pakistan. The Prime Minister of Pakistan Mian Shahbaz Sharif and Minister of Commerce Syed Naveed Qamar, while congratulating the Ministry of Commerce, have expressed the belief that the two-year extension of GSP Plus status to Pakistan will increase domestic exports significantly. The EU is one of Pakistan’s major trading partners, the EU is the largest export market for Pakistani goods, as it accounts for nearly one-third of Pakistan’s exports. The UBG leaders said that the government of Pakistan has Pakistan had requested the European Union to extend the Generalized System of Preferences (GSP) Plus status for two years, which has been approved. European Union to Pakistan on behalf of Federal Minister of Commerce Naveed Qamar He also welcomed the two-year extension of the GSP Plus program and the announcement of the European Union’s effort to make the GSP Plus program tax-free. The review is seen in a positive manner and it is gratifying that many European countries are presenting the GSP Plus case of Pakistan as a test case for its implementation. The request for GSP plus for the next 10 years will be approved. Zubair Tufail also welcomed the approval of the barter trade framework by the cabinet and said that goods can be traded for goods from Central Asia, Africa, Afghanistan, Iran and China. The barter trade framework will be fully utilized for trade and through this framework Pakistan’s goods can be exported to the mentioned countries. Secretary General UBG (Sindh) Hanif Gohar said that GSP Plus status of Pakistan’s economy. is very beneficial for the as it has played an important role in expanding bilateral trade, g Trade with the European Union under SP Plus is of utmost importance for Pakistan’s economic and social stability and prosperity. He said the EU benefits from reliable, competitive supply of textiles to EU businesses and consumers and Sustainable, ethical and rapidly identifiable textile value chains. Central Spokesperson Gulzar Feroze said that GSP Plus Pakistan is a constructive engagement to improve the economy and promote the economic agenda, the scheme has a positive synergy with the social agenda of the government, the benefits of GSP Plus for Pakistan Textiles and tariff-free access to the largest apparel market and a solid platform and incentive structure to drive further reforms in the industry and the country.