ISLAMABAD: Pakistan has qualified for the Generalised System of Preferences (GSP) eligibility assessment and will continue to receive duty-free treatment for its eligible exports to the US market.
In a statement released on Saturday, Secretary Commerce Division Younus Dagha said the GSP facility will help in further strengthen bilateral trade between the two countries.
GSP eligibility assessment of countries located in the Asian region, undertaken by the USTR’s office, has concluded and its results were officially released.
Earlier, Mr Dagha had visited United States and held meeting with Assistant United States Trade Representative in Washington Mark Linscott to discuss various bilateral trade and investment issues.
The two sides discussed matters of mutual interest including convening of the next TIFA council meeting, business opportunities conference, and designation of a facility for Pakistani mango irradiation in the United States.
Mr Dagha noted the growing trade volumes between the two countries indicated deepening commercial ties.
He expressed hope that the US companies will take advantage of their presence in the Pakistani market and expand their footprint in view of strong performance of Pakistan’s economy, improved security and energy situation, large and growing consumer market, and the country’s strategic location in the region.
According to the office of the USTR, Pakistan is the 57th largest destination for export of goods from the United States. Pakistan’s top imports from the United States are machinery, aircraft, cotton, iron and steel and agricultural products including grain. Top exports to the United States were textiles and leather goods.
Imports from the United States totaled $1.2 billion in the July to Feb period this fiscal year as per State Bank data. Meanwhile exports totaled $2.5bn in the same period.
The United States is one of the few large economies with which Pakistan runs a surplus in its trade.
Published in Dawn, April 15th, 2018