Islamabad (Web Desk): The European Union (EU) has extended the Generalised System of Preferences (GSP) Plus status for Pakistan for the next two years.
In a statement, Adviser to Prime Minister on Commerce, Industry and Investment Abdul Razak Dawood said after this extension, Pakistan would continue to avail tariff preferences in the EU under the GSP Plus.
The adviser said this would strengthen Pakistan's resolve to continue to improve the social and economic conditions of its people.
He urged business community to diversify their exports to capitalise on this opportunity to the optimum.
“Pakistan would continue to enjoy tariff preferences in EU under GSP+. I thank EU institutions,& all relevant federal ministries & provincial departments of Pakistan, steered by Treaty Implementation Cell of MoC, to meet GSP+ obligations,” Dawood tweeted.
The GSP removes import duties from products coming into the EU market from vulnerable developing countries. This helps developing countries to alleviate poverty and create jobs based on international values and principles, including labour and human rights.
The EU continuously monitors GSP+ beneficiary countries’ effective implementation of the 27 international conventions on human rights, labour rights, environmental protection, and good governance.
Pakistan was granted GSP-Plus status in 2014 and has shown commitment to maintaining ratifications and meeting reporting obligations to the United Nations (UN) treaty bodies for these 27 conventions.
The EU said in a report last month the Pakistan government showed keen interest in maintaining GSP-Plus status.
The Ministry of Commerce (MOC) stated that on behalf of the government of Pakistan, it has conveyed the gratitude to the EU for providing this unilateral trade concession to Pakistan.
“MOC hopes that the business community will capitalise further on this trade enhancement opportunity,” the statement added.