Mr. Irfan Iqbal Sheikh, President FPCCI, has welcomed the extension of Pakistan’s GSP Plus status by EU for a period of 4 years as it will now be valid till 2027. Nonetheless, the catch lies in fully capitalizing on its preferential treatment provisions to enhance exports to EU and creating jobs for the countrymen, he added.
President FPCCI highlighted that now that Pakistan is eligible for the rollover of the GSP Plus program, Pakistan needs to reapply and submit a work plan for the same. An authority has a huge responsibility to fulfill this documentation diligently and in a timely manner, he added.
It is pertinent to note that the ongoing GSP Plus status for Pakistan was coming to an end in 2023. Therefore, we have got an extension of 4 years and it is no less than a blessing in these times of export contraction and economic volatility for Pakistan, he added.
Mr. Sheikh reiterated his stance that industrialization; export promotion and import substitution are the only initiatives that can make Pakistan a self-sufficient country through building foreign exchange reserves (FER); stabilizing rupee value and reducing reliance on foreign loans.
Mr. Irfan Iqbal Sheikh, President FPCCI, also demanded that after the reduction in international oil prices, it is high time that the government reduces the power tariff for export-oriented industries to help us utilize the existing bilateral, regional and multilateral trade agreements to the fullest.
