EU extends Pak’s GSP-Plus status for two years


PTI, Mar 7, 2020, 1:34 PM IST

Brussels: The European Union has extended the Generalised System of Preferences (GSP) Plus status for cash-strapped Pakistan for two years, allowing the country access to preferential duties on exports to the EU, according to a media report.

The GSP allows vulnerable developing countries to pay fewer or no duties on exports to the EU, giving them vital access to the EU market and contributing to their growth.

The move comes at a time when Pakistan is facing a serious economic crisis with short supplies of foreign currency reserves and stagnating growth in recent years.

Since assuming power in August 2018, Pakistan Prime Minister Imran Khan has been appealing to close allies like China and Saudi Arabia to provide loans at lower rates to overcome the financial woes.

According to a report in the Dawn newspaper, the International Trade (INTA) Committee of the EU Parliament extended the GSP-Plus status of the country for the next two years.

The GSP-Plus facility was available to Pakistan since January 2014, the report said.

Pakistan’s first biennial assessment of GSP-Plus was conducted in 2016, followed by another assessment in February 2018, while the third biennial assessment report was published by the European Commission on February 10 this year, it said.

The third biennial assessment report was discussed by the INTA on February 19 and by the GSP Working Party of the European Council a week later.

The European Commission and External Action Service recommended at both the forums to continue the country’s GSP-Plus scheme.

Reacting to the development, Pakistan’s Ministry of Commerce in a statement hoped that the country’s “business community will capitalise further on this trade enhancement opportunity.”

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Actress Kasthuri released from jail, says ‘I thank those who made me raging storm’

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

100 engineering colleges in Karnataka to be ‘adopted’ by corporates by next year: IT Minister Kharge

Siddaramaiah defends BPL ration card cancellation, says only ineligible beneficiaries affected

China announces new policy measures to protect its exports from Trump’s new tariff threat

Renovated Medical Oncology OPD and Chemotherapy Day Care Centre inaugurated at Kasturba Hospital, Manipal

Karnataka Health Minister justifies revision of user fees in state-run hospitals

Related Articles More

China announces new policy measures to protect its exports from Trump’s new tariff threat

Pak government prepares for proposed protest by former PM Imran Khan’s party on Nov 24

Gangster Lawrence Bishnoi’s brother Anmol arrested in US, lodged in Iowa jail

Pakistan to launch comprehensive operation against militants in Balochistan

PM Modi arrives in Brazil to attend G20 Summit on tour’s second leg

MUST WATCH

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


Latest Additions

Siddaramaiah says confident of winning all three bypolls in Karnataka

Hop on! IT Minister Priyank Kharge checks out Uber Shuttle at Bengaluru Tech Summit

Actress Kasthuri released from jail, says ‘I thank those who made me raging storm’

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

AIMPLB to hold its annual general sessions in Bengaluru from November 23

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.