The members of the European Parliament of the European Union have approved the extension of the rules governing the Generalised Scheme of Preferences-Plus (GSP+) until 2027, according to Pakistan’s commerce minister, Gohar Ejaz. The extension of the GSP+ status may receive final approval from the European Council soon.
The European Commission had proposed the extension of Pakistan’s GSP+ status for an additional four years as a contingency measure in July of the same year. The GSP+ scheme expires at the end of this year.
The Generalised Scheme of Preferences-Plus (GSP+) allows Pakistan and other beneficiary countries to receive special trade incentives, providing them with preferential access to the European market. The scheme has been in effect since January 1, 2014, and it has been a vital factor in Pakistan’s trade relations with the European Union.
The top export destinations for Pakistan under the GSP+ scheme include Germany, the Netherlands, Spain, Italy, and Belgium.
Gohar Ejaz expressed Pakistan’s commitment to the scheme and thanked the EU Parliament for facilitating trade from developing countries.
The extension of the GSP+ scheme means that Pakistan will continue to enjoy the same trade preferences and access to European markets while upholding its obligations related to human rights, labor rights, governance, and the environment. The EU Ambassador to Pakistan, Dr. Riina Kionka, emphasized that the proposed extension applied to all eight beneficiaries of the GSP Plus, and the EU would closely monitor their compliance.
In a meeting with caretaker Prime Minister Anwaarul Haq Kakar, the EU Ambassador assured continued support from the EU and a commitment to enhancing cooperation in areas of mutual interest.
