EU Commission extends GSP plus status for Pakistan

The European Commission has decided to maintain the Generalized Preferential System Plus (GSP-Plus) status for Pakistan, with the introduction of new six conventions for the low-income countries. The commission, in a statement on Wednesday, said that it has introduced six new conventions related to providing facilities to people with physical disabilities, tackling climate change, and child labor for low-income countries. Furthermore, it has also introduced new GSP rules in order to facilitate the low-income countries. The Commission, which reviewed the status of several other countries along with Pakistan, said talks would continue with the EU-Pakistan Joint Commission. Today’s review is related to the EU Regulation establishing the EU’s GSP framework, which expired at the end of 2023. The Commission in a statement said that it adopted the legislative proposal for the new EU’s Generalised Scheme of Preferences (GSP) for the period 2024-2034. “The Commission is proposing to improve some of the key features of the scheme to better respond to the evolving needs and challenges of GSP countries as well as reinforce the scheme’s social, labor environmental and climate dimension,” it added. The GSP Regulation is a unilateral trade tool that removes or reduces import duties from products coming into the EU from vulnerable low-income countries, supporting poverty eradication, sustainable development, and their participation in the global economy.