FPCCI seeks USA Envoys assistance to include textile and leather products in USA GSP Scheme

News Image

MG News | September 13, 2017 at 02:17 PM GMT+05:00

0:00

As invited by Alamgir Firoz, Chairman FPCCI Standing Committee on Diplomatic Affairs, a six-member delegation of USA Embassy in Pakistan led by John Robinson, Head of Political/Economic Affairs, visited Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and held a meeting with its member’s under the Chairmanship of Irfan Ahmed Sarwana, Acting President FPCCI.

Irfan Ahmed Sarwana, Acting President FPCCI, in his welcome address underscored the need for further intensifying interaction between the trade mission of USA and business community of Pakistan for the promotion of bilateral trade and economic relations between the two nations. He recalled that although USA has given GSP access to Pakistan allowing duty free and duty concession access for many products however, the scheme does not include our core textile and our leather products exports. As such at present Pakistan is paying in between 7 percent to 32 percent duty on certain textile products in USA, which is very high.

He urged the US delegates to extend their support and cooperation in including textile and leather products in the US GSP Scheme and further extend the validity of the scheme from December 2017 to December 2020.

Irfan Ahmed Sarwana reiterated that Pakistan is a front line ally in the war against terrorism and has suffered losses of US$ 123.13 billion till March 2016. These losses are in term of declining of exports, compensation paid to affectees and internally displaced persons; destruction of physical infrastructure; decline in foreign investment; inordinate delay in privatization of state own enterprises (SOEs); fall in  tax collection; decline in industrial output etc., besides, loss of precious lives of innocent civilian and military personnel. He therefore, proposed that In view of the losses, Pakistan deserves better access of USA trade instead of aid, because trade is an engine of economic growth and helps in alleviating poverty, which may further lead to economic development and prosperity. Pakistan is one of the largest recipients of US aid for security, economic and military related programmes. He informed that the Pakistani working in USA are contributing in the development of USA and send remittance of dollar 2.5 billion annually to Pakistan. Moreover, a large number of Pakistani students are also studying in USA with the financial assistance of USA government.

Irfan Ahmed Sarwana also showed concern on decline in USA investment to dollar 71 million in 2016 as against US$ 1.3 billion in 2007. Pakistan still offers huge opportunities of investment in energy, infrastructure, metal, mineral, Agriculture, power, transportation, automobiles, telecommunications, and value added textiles and leather, banking and finance, engineering etc.

John Robinson, Head of Political/Economic Affairs, U.S. Consulate said that the United States and Pakistan need to focus on “significantly” improving bilateral relations, particularly in areas of economy and trade, as there exists a lot of scope for enhancing trade and commerce between both the countries.

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25


July 11, 2025 at 04:19 PM GMT+05:00

Ideal Spinning Mills to exit spinning business



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg