LAHORE: Already hard-pressed by the imposition of an 18 per cent sales tax, the local cotton industry is panicky about reports of a review of GSP status by the European Union.

The status was granted by the European Union in 2014, which led to a 108pc hike in Pakistani textile exports to the EU due to concessional tariffs.

In October 2023, the European Parliament unanimously voted to extend the GSP status for another four years until 2027 for developing countries, including Pakistan, to enjoy duty-free or minimum duty on European exports.

However, during the recent visit of an EU delegation to Pakistan, it was announced that the economic........

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