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Germany warns Pakistan of losing GSP+ status over curbs on Audi, BMW and Mercedes importers

06:45 PM | 4 Mar, 2023
Germany warns Pakistan of losing GSP+ status over curbs on Audi, BMW and Mercedes importers
Source: Facebook

ISLAMABAD – Germany has expressed reservations on difficulties being faced official importers of Mercedes-Benz, BMW and Audi in Pakistan due to restrictions imposed by the cash-strapped country on imports to tackle depleting foreign exchange reserves.

The German Ambassador to Pakistan Alfred Grannas sent a letter to Federal Minister of Economic Affairs Sardar Ayaz Sadiq, stating Pakistan may lose its Generalised Scheme of Preferences (GSP-Plus) status due to such restrictions.

The ambassador wrote that the Germany always appreciated “Government of Pakistan's outlook towards environment protection and efficient utilization of natural resources, clean and green energy. A positive regulatory framework for Electric vehicles' imports has been a major step in that direction”.

“I would like to draw your attention to the difficult situation of official importers for Mercedes-Benz. BMW and Audi in Pakistan who identified electric vehicles best suited to this vision and placed their orders accordingly with the respective OEM's. We have learnt, however, that the State Bank of Pakistan is constantly declining to open any of their Letters of Credits through their commercial banks,” read the letter.

The ambassador said the move cast a shadow over the good and friendly relation between the two countries. “Germany is not only the most significant and largest trading partner of Pakistan in the entire Ell (by volume and value), Germany is also one of the leading countries in financial assistance for people most affected by the floods last summer,” he highlighted.

The letter maintained the ban on import of electric cars was detrimental to the bilateral trade, adding that restrictions on opening of LCs were also a violation of GSP+ status.

It warned that the country may lose the GSP+ status by imposing such restrictions on import of electric vehicles. 

Daily Pakistan Global Web Desk

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PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 21 Feb 2024

Pakistani currency remains stable against US dollar and other currencies in the open market on February 21, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300 for buying and 303 for selling while British Pound rate stands at 350.5 for buying, and 354 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 21 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300 303
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 76.15 76.9
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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