GSP Plus: EU vote clears Pakistan's path for duty-free access to European markets
New status has the potential to create one million new jobs besides expanding export base.
New status has the potential to create one million new jobs besides expanding export base. PHOTO: FILE
The European Union on Tuesday thumbed up Pakistan's request for duty-free access to European markets, paving way for the country's acquisition of the EU Generalised Scheme of Preferences (GSP) Plus status.
The Ministry of Commerce tweeted that the EU Parliament's International Trade Committee had voted 17-12-1 in favour of Pakistan's inclusion:
According to the ministry, Pakistan may now enter the GSP+ club from January 1, 2014, a prospect likely to create one million new Pakistani jobs.
The European parliament was considering the GSP+ package for 10 developing countries in all.
The GSP Plus is granted to those countries that ratify and implement international conventions relating to human and labour rights, environment and good governance. The EU has been closely watching Pakistan’s human rights record and also fiercely opposes the death penalty.
Exporters from various industries in Pakistan including textile were anxiously hoping for access to European markets, which promises huge potential for multiplying the country's current exports.
Industrialist and former president of the Karachi Chamber of Commerce Majyd Aziz tweeted in this regard:
The Ministry of Commerce tweeted that the EU Parliament's International Trade Committee had voted 17-12-1 in favour of Pakistan's inclusion:
According to the ministry, Pakistan may now enter the GSP+ club from January 1, 2014, a prospect likely to create one million new Pakistani jobs.
The European parliament was considering the GSP+ package for 10 developing countries in all.
The GSP Plus is granted to those countries that ratify and implement international conventions relating to human and labour rights, environment and good governance. The EU has been closely watching Pakistan’s human rights record and also fiercely opposes the death penalty.
Exporters from various industries in Pakistan including textile were anxiously hoping for access to European markets, which promises huge potential for multiplying the country's current exports.
Industrialist and former president of the Karachi Chamber of Commerce Majyd Aziz tweeted in this regard: