Exploit GSP Plus to achieve stability: EU

Deputy Head of the European Union (EU) Mission Thomas Seiler said on Saturday that Pakistan must exploit the untapped economic potential of the European Union (EU) under the GSP Plus Scheme to overcome its current economic crisis.

Addressing the business community at the Faisalabad Chamber of Commerce and Industry (FCCI), he underlined the importance of duty-free access of Pakistani products to European markets, saying it had particularly benefited Pakistan’s textile sector.

“Most of the textile mills use European machinery, which helped them improve the quality of their products. We are also working on technology transfer,” said the EU mission’s deputy head, hoping that it would pave the way for Pakistani exporters to unlock the huge potential in other sectors as well.

“Pakistan should now move forward in technology and launch projects like car manufacturing etc. The two sides should collaborate and cooperate with each other in this connection,” suggested Seiler, adding that the facility of GSP Plus was directly linked with a number of agreements, treaties and protocols, already ratified by Pakistan.

Explaining that the current GSP Plus was going to expire in December 2023, he said, “The government of Pakistan must apply for an extension of this facility right now.”

The deputy head also mentioned that the EU mission was critically examining the implementation of different treaties. While he was of the view that the facility would be extended given the devastation caused by flooding in Pakistan, but warned that, “In the prevailing global scenario, the tenure of the proposed extension may be restricted to three or four years instead of ten years.”

Published in The Express Tribune, February 19^th, 2023.

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