• Tuesday, November 12, 2019

EU grants GSP Plus status to Pakistan

Discussion in 'Pakistan Economy' started by Saifullah Sani, Dec 14, 2013.

  1. Saifullah Sani

    Saifullah Sani SENIOR MEMBER

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    ISLAMABAD: The European Union (EU) on Thursday granted Generalized System of Preferences (GSP) Plus status to Pakistan with an impressive count of 406 votes, granting Pakistani products a duty free access to the European market.

    According to media reports, 406 members of the European Parliament expressed their support for Pakistan while 186 lawmakers voted against the status, which has been granted till 2017.

    The 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.

    Prime Minister Nawaz Sharif congratulated the nation over the European Union award.

    “Award of GSP Plus status shows the confidence of international markets in the excellent quality of Pakistani products,” he said in a statement.

    The prime minister said: “gaining access to European markets was the top most priority of the government as part of economic development agenda, which has been achieved due to continuous hard work of the ministers and officials from the ministries of finance, commerce and foreign affairs and friends of Pakistan in Europe.”

    This status would enable Pakistan to export more than US$1 billion worth of products to the international markets. Only the textile industry would earn profits of more than Rs1 trillion per year.

    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.

    PM Sharif further said that increase in exports would resultantly facilitate in economic growth and help in generation of millions of additional jobs in the country.

    Meanwhile expressing his pleasure over the development, Finance Minister Ishaq Dar said the EU status will help Pakistani exports to rise by up to $2 billion.

    EU grants GSP Plus status to Pakistan - DAWN.COM

    According to the news reports Governar Punjab Ghulam sarwar played key role.
     
  2. Pakistanisage

    Pakistanisage PROFESSIONAL

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    Indians have egg on their face after trying to lobby against Pakistan.
     
  3. Roybot

    Roybot BANNED

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    Without Indian support Pakistan would have never got the status. Do some research before you say things.
     
  4. Pakistanisage

    Pakistanisage PROFESSIONAL

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    I did the research, Genius. India tried its level best and still ended up with egg on their face.


    This is what showed up :

    India out to scuttle GSP-plus facility for Pakistan - thenews.com.pk


    India is out to scuttle the expected GSP (Generalized System of Preferences) facility for Pakistan to be taken up by the Parliament of European Union on December 11. A vote is expected on the issue by December 16.This has been revealed in the correspondence of Pakistan’s High Commissioner in New Delhi Salman Bashir with authorities in Pakistan.


    A letter from Salman Bashir (copy available with The News) says that India is not happy with Pakistan on the issue of subsidy on agriculture products as in the recent Bali moot India wanted the subsidy on agriculture products to continue among WTO member countries and there should be no cap on it, but Pakistan did not endorse India’s point of view.




    Punjab governor urges textile sector to cash in on GSP Plus status - thenews.com.pk


    The composition of 780 members EU is based partly on the population of each country. Germany, France, Italy, England, Spain and Poland account for 426 of the EU parliament’s members. The remaining 22 EU members hold 354 seats in the EU assembly. Pakistan enjoyed the support of Germany, Italy and England and while France was initially leaning towards voting in favour of Pakistan, Indian lobbyists somehow convince the country to vote against Pakistan at the last moment.



    Indian diplomats actively lobbying EU against GSP Plus status for Pakistan | Customs Today