EU sees conventions' implementation crucial for GSP+ extension.

LAHORE -- The European Union (EU) sees the next three months as crucial for extending the Generalised Scheme of Preferences Plus (GSP+) status to Pakistan for 2024.

'The time till October is crucial for Pakistan to show tangible results as a draft report for GSP+ status will be prepared in that month,' Head of EU delegation Guido Dolara said while speaking to the business community's representatives at the Lahore Chamber of Commerce and Industry (LCCI) on Friday.

Mr Dolara was of the view that since Pakistan was a major beneficiary of GSP+, it still needs to work in various areas where the available potential is still untapped.

'As the LCCI can play an important part in helping the SME sector to realise the potential of GSP+, we are close to finalising the monetary report that will be ready in October,' he said.

The GSP is an entrenched trade and development policy instrument in place since 1971. Pakistan is the major recipient of the GSP+ scheme for the last seven years. Under this status - set to expire on Dec 31, 2023 - there is zero duty on several products. Under the current GSP+ system, the EU continues monitoring the progress made by the beneficiary countries towards the implementation of 27 international conventions. Since the beneficiary countries will have to re-apply for the scheme's extension, their record of compliance is given due consideration.

Speaking on the occasion, LCCI President Mian Nauman Kabir said the GSP+ status holds paramount importance for Pakistan's economy as it has played an important role in the expansion of bilateral trade.

Later, the EU Mission held a meeting with the representatives of All Pakistan Textile Mills Association (Aptma) and discussed the developments and progress made on the implementation of 27 International Conventions concerning GSP+.

The delegation members said that the EU...