The European Parliament unanimously approved the extension of the current Generalized System of Preferences (GSP) for an additional four years until 2027. This extension applies to developing countries, including Pakistan, granting them the privilege of exporting goods to the European market with reduced or zero duties.
The vote in favour of the extension received strong support, with 561 members voting in favour, five against, and two abstaining. This extension encompasses the existing GSP schemes, including GSP+. Talks regarding new rules were temporarily halted in June, as stated in an official announcement from the EU Parliament.
In September of this year, the INTA Committee, a trade body within the EU Parliament, had already granted approval for the extension of GSP schemes for 60 developing countries.
Dr Ejaz shared on his social media that he was “pleased to share that the EU MEPs have decided to roll over the rules on the Generalised Scheme of Preferences (GSP) till 2027. The European Council is expected to give its final approval for the extension of the current Scheme soon.”
He also reiterated Pakistan’s commitments under the Scheme for the betterment of all and expressed gratitude to the EU Parliament “for living up to its commitment to facilitate trade from developing countries.”
Alhamdolillah, 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.
The European Council is expected to give its final approval for the extension of the current Scheme soon.
I take this opportunity… pic.twitter.com/ANQvHX9Jj5
— Dr Gohar Ejaz (@Gohar_Ejaz1) October 5, 2023
The European Union (EU) Ambassador to Pakistan, Dr Riina Kionka, explained on Thursday that the proposal made by Members of the European Parliament (MEP) to extend the regulations governing Pakistan’s GSP Plus status was aimed at preventing a sudden disruption at the end of the year.
Ambassador Kionka utilized X, formerly known as Twitter, to respond to a post by Dr Gohar Ejaz, the caretaker federal minister for commerce and industries.
To clarify: This rollover is proposed so as to avoid a cliff edge at the end of 2023. It is unrelated to ????????’s performance or that of any other beneficiary country. ???????? Member States will decide soon. Monitoring will continue. https://t.co/Komdbf6mAy https://t.co/MvpJWwkxFc
— Riina Kionka (@RKionka) October 5, 2023
