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Clinton likely to give go-ahead to ROZs agreement
LAHORE (June 27 2010): US Secretary of State Hillary Clinton is likely to give go-ahead to the Reconstruction Opportunity Zones (ROZs) agreement during her upcoming visit to Pakistan. Clinton will visit Pakistan in July for a second session of the strategic dialogue. According to sources, the US has denied extending direct market access to Pakistan textile industry and instead it has offered to speed up work on ROZs.
The fate of ROZs has been hanging in balance for the last many years. Pakistani industrialists have made a lot of criticism on the viability of the ROZs and it was looking obvious at one point that the US has decided to abandon the idea once and forever.
However, the issue has gained strength once again with the upcoming visit of the US Secretary of State and chances are very much there that the project would be initiated formally. The ROZs are complimentary to the ongoing development and economic measures under way by Pakistan and FATA as well as US government, Nato and other international donor countries. The ROZs represent long-term US commitment to the region and the US is likely to extend 15 years duty free access to Pakistani goods under the arrangement.
Both the US Senate and the House of Representative are moving seriously on the subject and once approved finally, the Pakistan government would implement it. The ROZs are beneficial as no production limitations or joint production requirements are mandatory for export to the US market.
Also, sourcing of inputs for textiles can be from anywhere without limitations, all current GSP and GSP plus products would remain duty free for 15 years regardless of whether GSP is extended or not. The competitive need limitation waiver has been eliminated for GSP products that are included in ROZs and procurement from SAARC is allowed for those products on the GSP list.
The goal of ROZs is to stimulate trade and development with sustainable initiatives linked to the ongoing development and reconstruction programmes. It would also create investment opportunities and jobs creation between Afghanistan and Pakistan besides providing long-term legitimate employment opportunities for citizens on the border areas.
Copyright Business Recorder, 2010
Business Recorder [Pakistan's First Financial Daily]
Now this is some good news!
LAHORE (June 27 2010): US Secretary of State Hillary Clinton is likely to give go-ahead to the Reconstruction Opportunity Zones (ROZs) agreement during her upcoming visit to Pakistan. Clinton will visit Pakistan in July for a second session of the strategic dialogue. According to sources, the US has denied extending direct market access to Pakistan textile industry and instead it has offered to speed up work on ROZs.
The fate of ROZs has been hanging in balance for the last many years. Pakistani industrialists have made a lot of criticism on the viability of the ROZs and it was looking obvious at one point that the US has decided to abandon the idea once and forever.
However, the issue has gained strength once again with the upcoming visit of the US Secretary of State and chances are very much there that the project would be initiated formally. The ROZs are complimentary to the ongoing development and economic measures under way by Pakistan and FATA as well as US government, Nato and other international donor countries. The ROZs represent long-term US commitment to the region and the US is likely to extend 15 years duty free access to Pakistani goods under the arrangement.
Both the US Senate and the House of Representative are moving seriously on the subject and once approved finally, the Pakistan government would implement it. The ROZs are beneficial as no production limitations or joint production requirements are mandatory for export to the US market.
Also, sourcing of inputs for textiles can be from anywhere without limitations, all current GSP and GSP plus products would remain duty free for 15 years regardless of whether GSP is extended or not. The competitive need limitation waiver has been eliminated for GSP products that are included in ROZs and procurement from SAARC is allowed for those products on the GSP list.
The goal of ROZs is to stimulate trade and development with sustainable initiatives linked to the ongoing development and reconstruction programmes. It would also create investment opportunities and jobs creation between Afghanistan and Pakistan besides providing long-term legitimate employment opportunities for citizens on the border areas.
Copyright Business Recorder, 2010
Business Recorder [Pakistan's First Financial Daily]
Now this is some good news!
