ISLAMABAD: Amid mounting economic woes, Pakistan got four-year extension in the current generralised system of preferences (GSP) until 2027.
The European Parliament unanimously voted to extend the current GSP for developing nations, including Pakistan, to avail duty-free or minimum duty on exports to the European market.
An official statement issued by the EU Parliament stated that the parliament voted with 561 in favour, five against and two in abstention to extend the current rules on the GSP schemes, including GSP+.
The move comes after talks with the EU Council on the new rules were paused in June. In September this year, the INTA Committee, a trade body of the EU Parliament, approved the extension of GSP schemes for 60 developing countries.
In an X post, caretaker Commerce Minister Gohar Ejaz said all schemes under the GSP had been extended for four years and that the decision would ensure that Pakistani exporters could keep selling their goods to the EU market with certainty.
“I take this opportunity to reiterate Pakistan’s commitments under the scheme for the betterment of all,” the minister said, adding that Pakistan will comply with all obligations and effective implementation of 27 EU conventions.
EU Ambassador to Pakistan Riina Kionka also took to X and said this rollover was proposed so as to avoid a cliff edge at the end of 2023. “It is unrelated to Pakistan’s performance or that of any other beneficiary country. EU member states will decide soon and monitoring will continue,” she further said.
