GSP+ status extended till 2027

The European Parliament has voted to extend the current Generalised System of Preferences (GSP) for another four years, until 2027, for developing countries, including Pakistan. The decision was made with a majority of 561 Members of the European Parliament (MEPs) voting in favour of the extension, with only five voting against it and two abstaining, according to an official statement issued by the EU Parliament. Caretaker Commerce Minister Gohar Ejaz expressed his satisfaction with the decision in a social media post, stating, "I am pleased to share that the EU MEPs have decided to roll over the rules on the Generalised Scheme of Preferences (GSP) till 2027. I take this opportunity to reiterate Pakistan's commitments under the Scheme for the betterment of all." Read More: Exploit GSP Plus to achieve stability: EU He also thanked the EU Parliament for fulfilling its commitment to facilitate trade from developing countries. Furthermore, EU Ambassador to Pakistan Riina Kionka clarified that the extension of the GSP scheme was proposed to avoid any disruption and ensure a smooth transition. She emphasised that this decision was unrelated to Pakistan's performance or the performance of any other beneficiary country. The final decision on the extension will be made by EU member states soon, and monitoring of the implementation of GSP+ obligations, including the 27 conventions on labour, human rights, political rights, and press freedom, will continue. “I wholeheartedly support the commitment of Minister Ejaz and government of Pakistan to fully meet GSP+ obligations, referring to the implementation of 27 conventions on labour, human rights, political rights and press freedom.” Read More: ‘Declining to open LCs strictly against GSP+’ The GSP scheme allows developing countries to benefit from preferential access to the EU market by exempting certain goods from import duties. The extension of the GSP scheme, including the GSP+, comes after talks with the EU Council on new rules were paused in June. Earlier in September, the International Trade Committee (INTA) of the EU Parliament approved the extension of GSP schemes for 60 developing countries.