EU approves another GSP+ status for
Pakistan till 2022
The European Union (EU) has approved Pakistan for another
generalised scheme of preferences plus (GSP+) status till
2022, which implies the latter can export goods to Europe
without application of regular duties. Adviser to prime
minister for commerce, industry and investment Abdul Razak
Dawood announced the development in a tweet last week.
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 underscores 27 conventions for international
trade, 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
Since 2014, Pakistan’s exports to the EU have soared by 65
per cent, 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 per cent of product categories for
exports to the EU.