Pakistan live news updates: Pakistan risks losing GSP+ status as European Union

As the European Union (EU) looks to prepare a draft report on GSP+ status, Pakistan needs to work in several areas to avoid losing the special incentive arrangements of the EU that it has enjoyed for the last seven years. The GSP is a trade and development policy instrument in place since 1971 which is set to expire on Dec 31, 2023. Pakistan, a major recipient of the GSP+ scheme, benefitted from zero duty on several products. The 27-member-bloc sees the coming months as crucial for extending the Generalised Scheme of Preferences Plus (GSP+) status for 2024. The EU continues monitoring the progress of beneficiary nations towards the implementation of dozens of conventions, the Dawn newspaper reported. Since the beneficiary countries will have to re-apply for the scheme’s extension, their record of compliance is given due consideration, the report added. “The time till October is crucial for Pakistan to show tangible results as a draft report for GSP+ status will be prepared in that month,” Head of EU delegation Guido Dolara said while speaking to the business community’s representatives at the Lahore Chamber of Commerce & Industry (LCCI) on Friday.

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