The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called the US to extend the GSP (Generalized System of Preferences) facility until 2020. The current term will end in December 2017.
Additionally, the trade association has strongly recommended to include key textile products under the GSP scheme.
The suggestion was made by Irfan Ahmed Sarwana, FPCCI’s acting President, during his meeting with John Robinson, who headed the six-member contingent of the US consulate in Pakistan recently.
Sarwana was also vocal on having more interaction between the businessmen across Pakistan and the ‘US trade mission’ so as to promote economic relations and bilateral trade between both the nations.
Though Pakistan already has a duty-free access for various commodities in the US market, textile products are still not a part of the facility.
Sarwana added that currently, Pakistan pays somewhere between 7 per cent and 32 per cent duty on some of the textile and leather products in the US.
He opined that having a better access to US market would help Pakistan in reducing poverty and thereby bringing growth, development and economic stability in the country.
