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Friday, March 29, 2024

Pakistan gets another two years of GSP+ status

Pakistan has gotten the nod from the European Union for an extension of another two years for its GSP+ status that implies that the country can export goods to the EU free of regular duties.

The adviser to the prime minister for commerce, industry and investment, Abdul Razak Dawood tweeted about it, saying the status had been extended to 2022. The decision had been under consideration since the third biennial assessment of GSP+ was published on February 10. Pakistan first received the GSP+ status in 2014.

“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 capitalise on this opportunity to the optimum,” Dawood wrote.

The assessment focuses on 27 conventions for international trade and social responsibility, including steps about climate change and improved vigilance against crime and narcotics. Compliance with these steps ensures that countries enjoy the GSP+ benefits. According to the EU report, Pakistan did well on the 27 international conventions.

Since 2014, Pakistan’s exports to the EU have soared by 65 percent, from €4.538 billion in 2013 to €7.492 billion in 2019. The sectors to avail the most benefit out of the tariff concessions were textile and garments.

For Pakistan, the EU’s GSP+ status means full removal of tariffs on over 66 percent of product categories for exports to the EU.

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