Latest news with #GSP-Plus
Express Tribune
03-04-2025
- Business
- Express Tribune
Tariffs turf
Listen to article President Donald Trump has walked the talk by slapping trade tariffs across the board on allies and rivals. The intention is one of protectionism, as the New Yorker billionaire believes that American interests are in need of being protected from mindless concessions that the world had availed from the lone superpower. To what extent it impacts foreign relations seems to be a secondary focus for Trump. With this arithmetic in vogue, a minimum of 10% tariff will apply to most countries, especially the allied-ally such as the UK, and up to 20% on EU members. Pakistan too has come in the line of fire as tariffs have gone up to 29%, leaving the beleaguered economy in a guessing-game in its aftermath. Statistics-wise, Pakistan charges 58% on imports from the US, and ships nearly a fifth of its exports primarily in the textile sector, which accounts for 1.5% of Pakistan's GDP. The only point of consolation while vetting the graph of new tariffs in the region is that Sri Lanka and Bangladesh have been put on the mat with more tariffs on their exports to the mainland, and this is where Pakistan can buckle up to stay afloat. But the question arises: with the textile sector already in the woods due to higher cost of production, will Pakistan be able to compete in the international market? Moreover, the strategy to diversify exports to Europe is also cumbersome as the GSP-Plus status extension hangs in the balance, and a lot of fence-mending is desired on the home front. Pakistan's biggest dilemma with reference to exports is its limited basket of products. All that is desired is a proactive policy to tap new markets and to ensure that the product is competitive and innovative in essence. With no quick-fix in sight, it would be a challenge for the policymakers to save the $6 billion annual exports to the US that account for 18% of our total exports. It's time to take up the issue on two fronts: explore new markets; and talk it out with the US for a leniency, and prepare for a tougher competition in times to come.
Express Tribune
11-02-2025
- Politics
- Express Tribune
Exigency-laden dictums
Listen to article The elevation of six high court justices to the apex court prior to settling the row over the controversial 26th amendment has left a bad taste. It is in contravention of the spirit of independence of judiciary. It is a foregone conclusion that the superior judiciary at the JCP was acting in duress, and under the influence of the executive. Chief Justice Yahya Afridi should have made a patient hearing to the call for postponing the appointment of judges, and must have given due credence to the call from two senior-most judges of the Supreme Court for a deferment. He could have scheduled it for another time to make it an ordained decision, after addressing legal complications. But the haste with which it has been done has raised eyebrows and proven beyond doubt the rifts within the judiciary. The convention to bulldoze dissenting voices is taking a toll on the Constitution and democracy. Though the lawyers' somewhat symbolic protest over the JCP meeting was noticeable, it could not push the envelope in prevailing over an adamant attitude of the government to subdue the judiciary. It is quite surprising that daredevil controversial legislations and dictums are being undertaken. The passage of PECA laws and putting on backburner indispensable constitutional petitions are cases in point. This all has come as delegations from the European Union and the IMF were in the federal capital, scrutinising on human rights, reforms and merits of lawful governance. The threat from the EU to slash the GSP-Plus rating, and the Washington-based donor's concerns over judicial freedom, could push the country in a renewed phase of financial and political crises. The IMF's seeking of guarantees on protection of international investments from the Chief Justice should come as a grim reminder that all is not well in the republic. With the media and judiciary in a shambles, and the parliament unable to see the light of the day in true constitutional spirit, what is going on at the behest of the executive is disappointing, and does not bode well for rule of law. Time to revisit the exigency-laden decisions in wider national interest.
Express Tribune
31-01-2025
- Business
- Express Tribune
GSP-Plus warning
Listen to article Pakistan, it seems, is running into a serious problem with the European Union. The privilege of GSP-Plus is under the scanner, and indications emanating from a visiting EU mission reveal that it has taken serious exceptions to the flaunting of international protocols on human rights, civil liberties, freedom of speech and religious association. The mission led by Olof Skoog has made it clear that Islamabad should look into the alleged excesses reported in these realms, warning it that the trade benefits enjoyed cannot be "taken for granted". This is tantamount to an indictment of the country on governance, underscoring an indispensable necessity of indulging in some deep introspection. The GSP-Plus is a lifeline of sorts in exports for a melting economy, through which Pakistani products have an instant access to EU markets on duty-free or minimum duty. It has to be noted that Pakistan exports goods worth more than $9 billion to the EU, accounting for almost 30% of total exports to the world. Losing this staggering business would be myopic, and all that is desired is to put the house in order and come out clean by addressing the concerns of a major trading partner. The EU mission has reasons to point a finger at Pakistan's dismal record of human rights and political freedom, as the last two years of crisscrossing suggests too many crests and troughs. It is also a given that Pakistan is duty-bound to implement the 27 international conventions on human and labour rights, environmental protection, climate change and good governance, to continue having GSP-Plus facilities, and any lapses at home cannot be just brushed aside. While the delegation has met several movers and shakers in the government and society, as well as the Chief Justice, it is incumbent upon Pakistan to come up with tangible improvements. Glaring issues such as those spotted by the commission, trying civilians in military courts, usurping fundamental rights and legislating to curb freedom of the press, solicit an immediate course-correction. Time to end the ostrich syndrome and work inwardly for a better tomorrow.
