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US to re-authorize GSP status for Pakistan this summer: Khurram
Minister expresses after getting GSP status Pakistani products will easily be exported to US
ISLAMABAD – Minister for Commerce Engineer Khurram Dastgir Khan said on Thursday that the United States was likely to re-authorize the Generalized System of Preferences (GSP) for Pakistan in the coming summer which had been suspended for past 19 months.
Addressing a press conference here in the Ministry of Commerce, the minister said as soon as the GSP status was restored, the government of Pakistan would file a petition with a list of items of interest to be included in the GSP list. He added that Pakistan was not only exception but around 127 countries' GSP status had been suspended by the US Congress.
He expressed the hope that after getting the GSP status Pakistani products would easily be exported to the US further boosting our exports to Pakistan. He said that after restoring the status to Pakistan, the trade and economic engagements between the two countries would further be strengthened ultimately benefiting Pakistani products to US markets.
The minister said that the trade volume between the two countries was US $5.3 billion out of which Pakistan exports stood at $3.7 billion while the imports from the US stood at $1.6 billion thus showing a massive trade balance in the favor of Pakistan. Khurram informed the Pakistan was also likely to be allowed observer status in World Trade Organization Government Procurement Agreement, the Pakistani companies would be able to bid in total US procurement.
He said that Pakistan companies would then be able to explore range of areas including textile, shoes and leather in the US markets. He said that the total volume of US procurement was $1.7 trillion and companies around the world were participating in it, adding it would further help increasing economic engagements for Pakistan with US.
Highlighting the recent 3rd US-Pakistan business opportunities conference as highly successful, the minister said that holding of this conference in Pakistan for the first time indicated the stability in the country in which high profile personalities like US Secretary of Commerce Penny Pritzker and other US companies' leaders participated. “It had helped in boosting investor's further confidence on the economic policies of the country besides investments in various sectors of economy”, he added.
US to re-authorize GSP status for Pakistan this summer: Khurram
What does he mean by likely? Nothing is done deal until confirmed or in written!
As for textile, shoes and leather....Is he paying for the electricity? We cant meet consumer demands at our current stage!
I can only say good if true! But please hold the horses if not confirmed!
Minister expresses after getting GSP status Pakistani products will easily be exported to US
ISLAMABAD – Minister for Commerce Engineer Khurram Dastgir Khan said on Thursday that the United States was likely to re-authorize the Generalized System of Preferences (GSP) for Pakistan in the coming summer which had been suspended for past 19 months.
Addressing a press conference here in the Ministry of Commerce, the minister said as soon as the GSP status was restored, the government of Pakistan would file a petition with a list of items of interest to be included in the GSP list. He added that Pakistan was not only exception but around 127 countries' GSP status had been suspended by the US Congress.
He expressed the hope that after getting the GSP status Pakistani products would easily be exported to the US further boosting our exports to Pakistan. He said that after restoring the status to Pakistan, the trade and economic engagements between the two countries would further be strengthened ultimately benefiting Pakistani products to US markets.
The minister said that the trade volume between the two countries was US $5.3 billion out of which Pakistan exports stood at $3.7 billion while the imports from the US stood at $1.6 billion thus showing a massive trade balance in the favor of Pakistan. Khurram informed the Pakistan was also likely to be allowed observer status in World Trade Organization Government Procurement Agreement, the Pakistani companies would be able to bid in total US procurement.
He said that Pakistan companies would then be able to explore range of areas including textile, shoes and leather in the US markets. He said that the total volume of US procurement was $1.7 trillion and companies around the world were participating in it, adding it would further help increasing economic engagements for Pakistan with US.
Highlighting the recent 3rd US-Pakistan business opportunities conference as highly successful, the minister said that holding of this conference in Pakistan for the first time indicated the stability in the country in which high profile personalities like US Secretary of Commerce Penny Pritzker and other US companies' leaders participated. “It had helped in boosting investor's further confidence on the economic policies of the country besides investments in various sectors of economy”, he added.
US to re-authorize GSP status for Pakistan this summer: Khurram
What does he mean by likely? Nothing is done deal until confirmed or in written!
As for textile, shoes and leather....Is he paying for the electricity? We cant meet consumer demands at our current stage!
I can only say good if true! But please hold the horses if not confirmed!
