Adviser to Prime Minister on Commerce, Industry and Investment Abdul Razak Dawood in a recent tweet said the European Commission has extended Generalized Scheme of Preferences – (GSP+) status till 2022.
Meaning Pakistan will continue to enjoy preferences under GSP+ on its exports to EU countries.
The decision had been under EU’s consideration since the third two-yearly assessment of GSP+ was published on February 10.
“This would strengthen our resolve to continue to improve the social and economic conditions of our people. I urge the business community to diversify their exports to capitalize on this opportunity to the optimum,” Dawood tweeted.
Since 2014, the grant of GSP+, Pakistan’s exports to the European Union has boosted from 4.538 billion euros in 2013 to 7.492 billion euros in 2019, a mammoth 65% increase.
Not to mention Pakistan’s textile and garments sector is the key sector that benefited from GSP+.
Dawood express thanks to the European Union institutions for letting Pakistan to benefit itself of the status and also highly praised federal and provincial authorities and the Ministry of Commerce’s treaty implementation cell for working hard to meet the GSP+ responsibilities.
Since 2014, the grant of GSP+, Pakistan’s exports to the European Union has boosted from 4.538 billion euros in 2013 to 7.492 billion euros in 2019, a mammoth 65% increase.
“This would strengthen our resolve to continue to improve the social and economic conditions of our people. I urge the business community to diversify their exports to capitalize on this opportunity to the optimum,” the tweet continued.
Ministry of Commerce issued a statement says that there is a strong indication that the EU authorities are pleased with the results of the 3rd Biennial Assessment of GSP+ and are focused on the next biennial monitoring cycle.
In the economic arena, Pakistan was a noteworthy beneficiary of the benefits availed by 9 GSP Plus beneficiary countries. Besides Pakistan, other beneficiaries of GSP+ include Armenia, Bolivia, Cape Verde, Kyrgyzstan, Mongolia, Philippines and Sri Lanka.
Out of the total export of 6.739 billion euros of Pakistan to the EU in 2018, exports worth 5.885 billion euro availed tariff concessions.
Pakistan gets full removal of tariffs on over 66% of product categories for exports to the EU.
