GSP+ to remain intact till December 31, 2023: minister

ISLAMABAD (APP): The European Union’s (EUs) Generalised Scheme of Preferences (GSP) Plus (GSP+) status for Pakistan will remain intact until December 31, 2023, Commerce Minister Engineer Khurram Dastgir Khan informed the National Assembly here on Monday.

GSP+ to remain intact till December 31, 2023: minister

GSP+ to remain intact till December 31, 2023: minister

Responding during the question hour, the minister said that the incentive was being provided on special incentives for good governance and sustainable development.

 The minister informed the house that the trend in exports was now picking up as the law and order situation in the country had considerably improved and the industry was also provided with uninterrupted supply of electricity and gas.

He said, that in addition, the farmers were also provided agriculture package and the momentum had been generated which would help promote exports.

He informed the house that the farmers were provided better prices of their commodities, particularly cottonand rice.

He said that until September, 2016, almost 37 months of the incumbent government, the exports of the country increased by 37 percent adding that the exports to European Union had increased by 1.7 billion euro annually, owing to boost in ready made garments.

The minister informed the house that the quantity of knitwear exports from the country increased by 15 percent in June-July (2015-16) and 18 percent in July-November (2015-16), compared to corresponding period of last year respectively.

Responding to a question, the minister said that during June-July (2015-16), the bed-wear exports in terms of quantity also increased by one percent, towel by 3 percent and readymade garments by 4 garments.

While during July-November (2015-16) increased by 8 percent while the exports of towel decline by 9 percent and readymade garments by 1 percent.

He said that the reason for reducing exports from the country in dollar terms was the declining price trend in the international market.

He said that the exports of Pakistan’s value added items had decreased by 15.9 percent since the year 2013-14.

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