European Parliament gives GSP Plus status to Pakistan
KARACHI: The European Parliament has granted Generalized Scheme of Preferences (GSP) Plus status to Pakistan on Thursday through voting, it will be effective from January 1, 2014, ARY News reported.
European Parliament took decision with 406 votes in favor of Pakistan out of 558; it will allow Pakistani products duty free access to European Union market.
The status will be beneficial for Pakistan’s textile sector allowing access to 28 European countries with no need of paying any duty. It is a good opportunity for textile exports of the country to get boost, which had been declining in Pakistan, as manufacturers and exporters were finding it hard to compete with Sri Lanka and Bangladesh who already had duty-free access to European markets.
Governor of Punjab Chaudary Mohammad Sarwar hailed the grant of status by saying it will provide positive growth of about $1 billion to Pakistan’s export and will be very much effective to boost the country’s economy.
“It will create job opportunities for about 1 million women and youth of the country”, Mohammad Sarwar added.