After a long time, huge achievement for Pakistan on economic front
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The European Parliament of the European Union has opted to extend the Generalised Scheme of Preferences-Plus (GSP+) rules until 2027, as announced by the commerce minister on Thursday. Gohar Ejaz, in a tweet on X, formerly known as Twitter, mentioned that the European Council is expected to grant final approval for this extension shortly.
Back in July of this year, the European Commission proposed a four-year extension of Pakistan's GSP+ status as a precautionary measure since the current incentive was set to expire at the end of this year. The GSP+ scheme initially took effect on January 1, 2014, with Germany, the Netherlands, Spain, Italy, and Belgium being Pakistan's primary export destinations.
Ejaz reiterated Pakistan's commitment to the scheme's objectives for the overall improvement of the country. He expressed gratitude to the EU Parliament for upholding its promise to support trade from developing nations.
EU Ambassador to Pakistan Dr. Riina Kionka affirmed in a statement on July 7, 2023, that the proposed extension of the current GSP+ regulation means no immediate changes for Pakistan.
