European Parliament grants GSP Plus status to Pakistan

Web DeskBRUSSELS: The European Parliament on Thursday approved the Single Delegated Act under which 10 countries including Pakistan are entitled to Generalized System of Preferences Plus Scheme.Prime Minister Nawaz Sharif said award of GSP Plus status to Pakistan shows confidence of the international markets in the excellent quality of its products.The act will come into effect from January 1, 2014 and it will remain till 2017.
Pakistan’s textile industry will now be able to compete on a level playing field with countries such as Bangladesh and China.
Experts believe that after receiving GSP Plus status‚ the Pakistan textile industry will double its export target to 26 billion dollars and create over a million new jobs in the country. SAMAA