Islamabad: The International Trade (INTA) Committee of EU Parliament has notified the extension of the Generalised System of Preferences-Plus (GSP-Plus) status for Pakistan, a news source reported. According to details, this facility will allow the country to enjoy preferential duties on exports for the next two years.
The extension has been granted in recognition for Islamabad’s efforts geared towards formulating news laws and developing new institutions – aimed at implementing 27 core conventions (including the National Action Plan) of the GSP-Plus status.
The INTA on February 19 had reviewed Pakistan’s third biennial assessment report – published by the European Commission on February 10 – and the GSP Working Party of the European Council had discussed the report a week later.
The European Commission and External Action Service had suggested at both the forums to extend the GSP-Plus scheme; further indicating their satisfaction with the results of the third biennial assessment report on Pakistan.