The Businessmen Panel (BMP) of FPCCI has said that Generalised Scheme of Preferences (GSP) plus status is vital for Pakistan’s economy and the European Union should continue it with out any hurdle. In a joint statement, Secretary General BMP and former chairman of Senate Standing Committee on Commerce, Senator Ghulam Ali, former vice president FPCCI Riaz Khattak and BMP KPK Chairman Adnan Jalil called upon the Commerce Ministry to take viable steps to restore the confidence of the European Union.
In this regard, government has already taken various measures to satisfy conditions of getting GSP+ including eliminating child labour, poverty eradication by expanding exports and promotion of sustainable development.
They said GSP+ status has brought benefits not only to Pakistan in terms of trade expansion but also to the European Union countries, whose exports to Pakistan have also increased as the demand for machinery and other material used in manufacturing has also increased with rising exports to the EU member countries.
Officials also put recommendations for corrective measures to address the issues afflicting the country’s export competitiveness. Senator Ghulam Ali also stressed and urged government to find out the reasons behind not being able to achieve desired results from the European Union’s GSP Plus scheme.
Though Pakistan was jubilant when it received GSP Plus status, and it is happy now to be reassured that UK will continue extending the scheme, despite Brexit. Since nearly a quarter of Pakistan’s exports to Europe found a market in the UK, it comes as no surprise that Brexit caused apprehension among traders who were afraid that their goods might lose preferential status as a consequence, he added.
Article first appeared in Business Recorder.