The European Union has extended Pakistan’s GSP Plus status till 2027 The textile has helped Pakistan's exports to the European Union to increase by 108%. Ambassador Raina Kavinka

The European Union has extended Pakistan’s GSP Plus status till 2027

KARACHI   ( Web News )

The European Union has extended Pakistan’s GSP plus status for another four years till 2027. Speaking on the occasion of the visit to the Karachi Chamber of Commerce and Industry, EU Ambassador Raina Kavinka said that the businessmen of Karachi only Instead of being limited to textile exports, expand the scope of our exports to the European Union so that Pakistan can take maximum advantage of the GSP Plus status, which was recently extended for another 4 years till 2027, he said. That GSP Plus is of utmost importance to Pakistan’s economy,  as it has helped Pakistan’s exports to the European Union to increase by 108%. While EU imports have also increased by 40% since the start of this program. Raina Kavinka said that EU’s GSP plus for Pakistan has been extended without any change in the framework of the rules. By 2027, everything will remain the same. We also have elections in June 2024 which means there will be a political change in the Parliament and the EU Commission. Once everything is settled, we expect the new Parliament and EU member states to be in place. The Council will once again start negotiations with Pakistan on a new directive for GSP Plus, which could not be done last year. Although GSP Plus has been extended for another four years, if the EU comes up with a new directive, it will come into force before 2027. They have included gems and jewellery, tourism, handicrafts and auto under GSP Plus. Identifying parts etc. as potential sectors, he said that 28% of Pakistan’s exports come to the European Single Market which is a good number but it could be much bigger so that through better utilization of GSP Plus, Pakistan’s exports could increase. He said that the European Union delegation in Islamabad also wants to establish a platform to promote business-to-business relations between Pakistan and the European Union through which SMEs can also participate in different types of European Union. can help in building good linkages with businesses and eventually SMEs in Pakistan can also benefit from GSP Plus. He said that Pakistan’s gems and jewelery sector has a lot of potential so the concerned businessmen They should increase its value and instead of exporting the raw materials to the region and outsourcing the work of cuttings, polishing and jewelery to others, they should do the work themselves and export the best jewelery and gems produced to Europe. KCCI President Iftikhar Ahmed Sheikh also addressed on this occasion.