‘GSP to remain intact till 2023’

ISLAMABAD: The European Union’s Generalised Scheme of Preferences (GSP) Plus status for Pakistan will remain intact until December 31, 2023, commerce minister Khurram Dastgir informed the National Assembly on Monday.

Responding during the question hour, the minister said it 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 had improved considerably, and the industry was being provided with uninterrupted electricity and gas supply. He said the farmers were provided better prices of commodities, particularly cotton and rice.

Dastgir said until September 2016, almost 37 months of the incumbent government, the exports of the country increased by 37 percent. “The exports to EU increased by 1.7 billion euro annually owing to boost in readymade garments,” he added. The minister said knitwear exports increased by 15 percent in June-July (2015/16) and 18 percent in July-November (2015/16) compared to the corresponding period of the last year, respectively.

Responding to a question the minister said during June-July (2015/16), bed wear exports in terms of quantity increased by one percent, towel by three percent, and readymade garments by four percent. Dastgir also said during July-Nov (2015/16), bed wear exports increased by 8 percent, while towel exports declined 9 percent, and readymade garments by one percent.