The European Union (EU) will decide about extending the Generalised Scheme of Preferences Plus (GSP+) status for 2024 to Pakistan after reviewing the country’s two-year performance report on exports for the years 2020 and 2021, EU Ambassador to Pakistan Androulla Kaminara said on Thursday.
“The last two-year report (2018-19) was issued in February 2020. Pakistan’s performance report for the years 2020 and 2021 is under compilation these days. Therefore, further decision for the extension of this status to Pakistan, with effect from Jan 1, 2024, will be made after reviewing this report,” Kaminara said while speaking to the business community here at the Lahore Chamber of Commerce & Industry (LCCI).
The EU ambassador termed Pakistani products the best which could easily make their way to EU markets, stressing that new products and JVs can play a vital role in this regard.
“The EU has tabled next generation of GSP+. Five new conventions have been added and it is a good omen that Pakistan is a signatory,” she said, declaring Pakistan a successful country to use the GSP+ status.
Further, the EU ambassador pledged to continue engaging with partners, including Pakistan, to address the common challenge of climate change. She added that the EU was particularly focused on Pakistan’s SME sector.
Speaking on the occasion, LCCI President Mian Nauman Kabir informed that figures show that EU accounts for about 14pc of Pakistan’s total trade volume and around 31pc of Pakistan’s total exports.
He added that in this context, the extension of GSP+ status for Pakistan till Dec 31, 2023, holds great significance for our economy.