EU approves GSP Plus status for Pakistan

2013-12-12 22:16:52 | Al Muslim News
EU approves GSP Plus status for Pakistan

 

The European Union (EU) approved Generalised System of Preferences (GSP) Plus status to Pakistan granting Pakistani products a duty free access to the European market. According to reports, from 558 of house, 406 members of the European Parliament supported Pakistan while 186 lawmakers voted against the status, which has been granted till 2017. The status will allow 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 on the GSP status. Grant of GSP Plus status shows the confidence of international markets in the excellent quality of Pakistani products, PM said in a statement. This status would enable country to export more than one billion US$ worth of products to the international markets. Only the Pakistani textile industry would earn profits of more than Rs1 trillion per year. EU trade concessions will benefit the country’s largest manufacturer and exporters, 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..

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