The monitoring team from the European Union (EU) has arrived in Pakistan to see whether Pakistan meets the requirements to be eligible for the Generalized System of Preference (GSP) Plus, which will be in effect for 10 years from 2024 to 2034.
A European Union monitoring mission comprised of representatives from the European External Action Service (EEAS) and the European Commission’s Directorates-General for Trade and Employment, Social Affairs, and Inclusion arrived in Pakistan on Wednesday, according to a formal announcement made here on Wednesday.
The mission will provide Pakistan’s signatories with an evaluation of the efficient implementation of 27 international accords.
To help the eradication of poverty, sustainable development, and their involvement in the global economy as well as to strengthen good governance, the GSP+ offers extensive tariff concessions for imports into the EU from vulnerable developing countries.
For 66% of the tariff lines, eligible nations like Pakistan can ship products to the EU market duty-free.
This privileged status is contingent on GSP+ nations demonstrating significant advancements in the application of 27 international treaties relating to human and labor rights, environmental protection, combating climate change, and good governance.
According to Valdis Dombrovskis, executive vice president and commissioner for trade in 2021, “For five decades, the EU GSP has supported vulnerable countries to grow in a sustainable manner by giving them preferential access to the EU market. This has helped beneficiary countries to diversify their economies and create jobs. It has also galvanized beneficiary countries into improving human and labor rights, the environment, and good governance”.
“The GSP scheme is all about the EU’s and Pakistan’s joint commitment to sustainable development.” as stressed by High Representative/Vice-President Josep Borrell Fontelles.
Since Pakistan joined GSP+ in 2014, its exports to the EU market have increased by 65 percent, which has been very advantageous for Pakistani businesses.
The mission’s results would be included in the upcoming GSP report, which is scheduled to be delivered to the European Parliament and Council by the end of 2022.
The UN and other international organizations that are the conventions’ custodians provide reports and information that the European Union uses to regularly monitor the implementation of the relevant 27 international agreements.
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