| GEO Business|
| EU agrees to give Pak GSP plus status: Tareen |
| Updated at: 2030 PST, Friday, August 14, 2009|
KARACHI: Federal Minister for Finance and Economic Affairs Senator Shaukat Tareen highlighted the various corrective measures taken by the Government to support the economy which included introduction of Bankruptcy Law, programmes for skill development and credit guarantee schemes.
The Government was also working on modalities to increase tax and GDP ratio and plans to enhance this ratio to 15 percent or 17 percent in next couple of years. Pakistan is much behind in tax-GDP ratio against many other countries, he said.
He underlined the need for collective efforts to achieve economic independence for the country and self-respect of the people.
About NFC, he said the negotiations among the provinces and Federation are scheduled to start by August 29, 2009 and that NFC award would be finalised in September 2009.
Regarding market access to developed countries, the Minister said the European Union (EU) has agreed to give us GSP plus and this understanding will be transformed into a formal agreement soon after some deliberations. Similarly, USA has agreed to give us market access.
He said five-year textile policy is the first step on how to take trade and industry to new heights.
When his attention was drawn to FBR's SRO-603, he said this could be revisited for making it practical.
He informed the business community that KESC has been asked to renovate its system in 18 towns of Karachi by June 2010 and that KESC authorities have agreed. They have also been asked to make huge investment in KESC, from generation to distribution systems, at the earliest possible.
He said he was seeking technical assistance from IMF or World Bank to make Federal Bureau of Statistics a purely professional organization and make it independent like Germany's Bureau of Statistics. This would be linked to some foreign institute of world fame.
Advisor to Sindh Chief Minister on Investment and former president KCCI Muhammad Zubair Motiwala highlighted various initiatives taken by the Provincial Government to attract local and foreign investment.
President KCCI Anjum Nisar, Leader of BMG and former president KCCI Siraj Kassam Teli spoke of various problems facing industry and trade.