EU extends GSP scheme for Pakistan till 2027

October 06, 2023 (MLN): The Members of the European Parliament (MEPs) have approved to roll over the rules on the Generalised Scheme of Preferences (GSP) for an additional four years, extending them to 2027, Dr. Gohar Ejaz, Federal Minister of Commerce and Industry posted on X (formerly Twitter) on Thursday.

The European Union (EU)’s Generalised Scheme of Preferences (GSP) is a trade arrangement, which removes import duties from products coming into the EU market from vulnerable developing countries.

By removing such import duties, the EU’s GSP helps developing countries to alleviate poverty and create jobs based on international values and principles, including labor and human rights, environment and climate protection, and good governance.

The GSP has been the EU’s preferential trade arrangement with developing countries since 1971.

This policy covers more than 60 countries and benefits approximately two billion people.

Alhamdolillah, I am pleased to share that the EU MEPs have decided to roll over the rules on the Generalised Scheme of Preferences (GSP) till 2027.

The European Council is expected to give its final approval for the extension of the current Scheme soon.

I take this opportunity… pic.twitter.com/ANQvHX9Jj5

— Dr Gohar Ejaz (@Gohar_Ejaz1) October 5, 2023

The EU is expected to give its final approval for the extension of the current Scheme soon.

“I take this opportunity to reiterate Pakistan's commitments under the Scheme for the betterment of all.” the Federal Minister added.

He extended his gratitude to the EU Parliament for living up to its commitment to facilitate trade from developing countries.

The Parliament voted on Thursday with 561 in favor, 5 against, and 2 abstentions to extend current rules on the scheme of GSP after talks with the Council on the new rules were paused in June.

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