KARACHI: Vice President Saarc Chambers of Commerce & Industry Iftikhar Ali Malik welcomed the grant of Generalized Scheme of Preference (GSP+) by European Parliament to Pakistan. GSP plus provides the GSP facility to all products being imported in EU. He said that currently, there are 27 countries in EU and their aggregate import from Pakistan is about 6 billion dollars and exports to Pakistan are around 10 billion dollars.
In a statement issued, Vice President Saarc Iftikhar Ali Malik have welcomed the approval of GSP Plus status to Pakistan, which will certainly pave way for enhanced exports to Europe.
They further advised the government to facilitate the business community, particularly the export-oriented industry by ensuring adequate infrastructure along with uninterrupted power supply so that the exporters could play their role in boosting Pakistan’s export to Europe which will certainly help in earning the much-needed foreign exchange for the country, besides efficiently dealing with the economic crisis.
Vice President Saarc also applauds the efforts of consecutive government in Pakistan for achieving GSP Plus status. He said that EU remains Pakistan’s largest trading partner after USA; receives 25 percent of Pakistan’s exports and providing 10 percent of Pakistan’s imports. Overall trade volume between EU and Pakistan is US$10.9 billion with trade surplus of US$1.78 billion Pakistan’s favour. Pakistan exported mainly textile and leather products to EU and imported mechanical and electrical machinery, chemical and pharmaceutical products. The bad governance, lack of quality assessment and infrastructure for quality exports, the potential of exports to EU is not optimized.
Iftikhar Ali Malik, while terming it a great achievement of the PML(N) government, said that the status will prove to be of great benefit to Pakistan’s textile manufacturers and exporters who will now have access to 27 European countries without having to pay duties.
Malik said further stated that the surge in the expected demand can be materialized only if production process will remain in process. The break in production process because of energy and gas shortage or law and order situation will not allow industry to increase its exportable production.
They said that it would give a boost to Pakistani exports by at least US$2 billion keeping in view the enormous demand of Pakistani products in the European markets but the Pakistani manufacturers and exporters must also focus on producing high-quality products according to European standards so that they could not only maintain their market share but take it to new heights.