Pakistan has urged US lawmakers to renew the Generalised System of Preferences (GSP) program for developing countries.
In a letter addressed to the US Senate and chairman of leading legislative committees of the US Congress, Pakistan’s US Ambassador Masood Khan and 26 other foreign dignitaries urged US officials to expedite legislation and renew the GSP program for the listed countries, reported Dawn.
The letter stated, “With 118th Congress in place, we hope there is a window of opportunity for bipartisan legislation renewing the Generalised System of Preference”.
During a briefing on the GSP initiative, Pakistan’s Ambassador to the US said the renewal was essential to improving market access for developing countries in the United States. “The program is a conduit to ensuring robust ties with the United States bearing the hallmark of strong economic sinews and currency,” he said, adding that “by enabling developing and the least developed countries in having better access to the US market, the program has not only served the beneficiary countries but has also facilitated US economy and businesses”.
He further said, “Both small and large US companies benefit from it by importing products, including raw material, and maintaining comparative advantage”. The program’s renewal would aid in stimulating growth across multiple sectors of the economy, reducing the severity of current challenges, added.
Many climate-vulnerable countries were facing similar challenges as a result of food and energy hyperinflation. Masood Khan said the impact of last year’s devastating floods had necessitated urgent redeployment of the GSP program.
The United States is one of Pakistan’s largest export markets. Pertinently, the GSP program covered approximately 6-8 percent of US imports from Pakistan, making the South Asian nation among the top ten beneficiaries of the tariff waiver.