Change in GSP Plus procedure to be decided by EU's parliament: Belgian Ambassador - Press Release issued by Karachi Chamber of Commerce and Industry.

Karachi -- November 07, 2022 (PPI-OT)

Following is the text of press release issued by Karachi Chamber of Commerce and Industry (KCCI)

Quote

While referring to President KCCI's request for supporting Pakistan in continuity of EU's GSP Plus which will be expiring on December 31, 2023, the Ambassador of Belgium Charles Delogne said, "The regulation for GSP Plus is being discussed now and there is a change in the procedure which will decided by the European Union's Parliament."

"Of course, this change has implications in the field of human rights and probably the European Union will be more demanding and the EU would also like to see progress in the Environment Policy", he added while speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI). President KCCI Muhammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Vice President Muhammad Haris Agar and KCCI Managing Committee Members were also present on the occasion.

The Belgian Ambassador, who was accompanied by Political Advisor Sylvain Vanrie and Trade Commissioner Abid Hussain, stated that GSP Plus was more than a Free Trade Agreement and the EU signs such agreements with countries who are perceived as likeminded on a certain number of issues like human rights and environment etc. "The idea is to not only have free trade but also to promote society values", he said, adding that because of GSP Plus, European Union was by far the main trade partner of Pakistan with overall trade of around 7 billion Euros per annum which was very impressive.

Commenting of bilateral trade between Belgium and Pakistan, he informed that last year, trade turnover between the two countries stood at 1.4 billion Euros which was balanced and the positive trend continued till July 2022. "But we don't know the impact of floods in Pakistan which would probably be negative and we hope it remains limited as it is very important that upward trend continues and trade turnover remains balanced", he added. He said that foreign trade was very vital for Belgium as it was a small country spread over an area of 30,000 sq. kms. with 12 million inhabitants and without any natural resources. "Our only business is to import goods, transform them by adding maximum value and then to export them that's why foreign trade and free trade are very vital for Belgium."

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