ISLAMABAD – A European Union (EU) monitoring mission arrived in Pakistan on Wednesday to assess the implementation of 27 international conventions the country is signatory to.
Pakistan’s GSP+ status will be renewed beyond 2023 once the monitoring mission confirms the South Asian country is complying with all 27 international conventions.
GSP+ is a special trade arrangement offered to developing economies by European nations in return for their commitment to implement 27 international conventions on human rights, environmental protection and governance.
On September 21, 2021, in its review of the GSP+ scheme, the European Commission introduced six new conventions, pertaining in particular to children’s rights, environmental safety and persons with disabilities.
Last April, the European Parliament moved a resolution against Pakistan, seeking an immediate review of its eligibility for GSP+ status over what it called violence and discrimination against religious minorities and other vulnerable groups, as well as a crackdown on media. The EU ambassador to Islamabad said last October the South Asian nation would have to “redouble” its efforts to meet international rights conventions in order to continue to be a part of GSP+.
The current GSP framework will come to an end in December 2023.
“The GSP scheme is all about the EU’s and Pakistan’s joint commitment to sustainable development,” High Representative/Vice President Josep Borrell Fontelles said in a statement.
“GSP+ has been very beneficial for Pakistani businesses, increasing their exports to the EU market by 65 percent since the country joined GSP+ in 2014,” the statement added.
“The European Single Market, with over 440 million consumers, is Pakistan’s most important destination. Pakistan exports worth EUR 5.4 billion (approx. PKR 1.2 trillion), namely garments, bedlinen, terry towels, hosiery, leather, sports and surgical goods.”
During the mission, the EU team will hold meetings with the government, the UN Country Team, the International Labour Organization (ILO) and business and civil society representatives as well as other stakeholders. The findings of the mission will be part of the next GSP report, due to be presented to the European Parliament and the Council toward the end of 2022.
Pakistani rupee saw marginal improvement against US dollar as it appreciated in the open bank market.
On Thursday, the US dollar moved up and was being quoted at 285.3 for buying and 288.15 for selling.
Euro moves down to 311 for buying and 314 for selling. British Pound rate stands at 358.5 for buying, and 361.5 for selling.
UAE Dirham AED stands at 78 whereas the Saudi Riyal rate stands at 76.20.
|UK Pound Sterling||GBP||358.5||361.5|
|Hong Kong Dollar||HKD||36.63||36.98|
|New Zealand Dollar||NZD||173.44||175.44|
KARACHI – The gold price continues to climb up in the local market in line of upward trend in international market.
On Thursday, the single tola of 24 Karat gold was available at Rs218,600, and the price for 10-gram gold reached Rs187,420.
Meanwhile, the 22 Karat Gold price stands at Rs200,380, 21 karat rate for each tola is Rs191,275 and 18k gold rate hoveres around Rs163,950.
In international market, the price of precious metal hovers around $2,045 per ounce.
|Lahore||PKR 218,600||PKR 2,675|
|Karachi||PKR 218,600||PKR 2,675|
|Islamabad||PKR 218,600||PKR 2,675|
|Peshawar||PKR 218,600||PKR 2,675|
|Quetta||PKR 218,600||PKR 2,675|
|Sialkot||PKR 218,600||PKR 2,675|
|Attock||PKR 218,600||PKR 2,675|
|Gujranwala||PKR 218,600||PKR 2,675|
|Jehlum||PKR 218,600||PKR 2,675|
|Multan||PKR 218,600||PKR 2,675|
|Bahawalpur||PKR 218,600||PKR 2,675|
|Gujrat||PKR 218,600||PKR 2,675|
|Nawabshah||PKR 218,600||PKR 2,675|
|Chakwal||PKR 218,600||PKR 2,675|
|Hyderabad||PKR 218,600||PKR 2,675|
|Nowshehra||PKR 218,600||PKR 2,675|
|Sargodha||PKR 218,600||PKR 2,675|
|Faisalabad||PKR 218,600||PKR 2,675|
|Mirpur||PKR 218,600||PKR 2,675|