According to a report by Pakistan’s Express Tribune on August 25, the Islamabad Chamber of Commerce and Industry (ICCI) welcomed the United States’ resumption of the “Generalized System of Preferences+” plan, saying that this move would promote Pakistan’s exports to the United States and reduce Pakistan’s trade deficit.
Muzzamil Hussain Sabri, chairman of the Islamabad Chamber of Commerce and Industry, said that the total U.S. market reached US$1.7 trillion. The resumption of the “Generalized System of Preferences+” program by the United States provides opportunities for Pakistani exporters to enter the huge US market. After the EU granted Pakistan “GSP+” treatment, Pakistan’s exports to the EU increased by 21%.
Shabri said that according to the current GSP treatment, 3,500 items of goods exported by Pakistan to the United States are exempt from tariffs. However, most of Pakistan’s important export commodities such as textiles and leather products are not included. It hopes that the government can take this opportunity to add textiles and leather products to the “Generalized System of Preferences+” plan. The United States resumes the “Generalized System of Preferences+” plan for Pakistan
