GSP Plus: Time Till Oct Crucial For Pakistan.

LAHORE -- Head of EU delegation Guido Dolara has said that the time till October is crucial for Pakistan to show tangible results as the draft of report for GSP plus Status will be prepared in that month.

He was talking to the LCCI President Mian Nauman Kabir at the Lahore Chamber of Commerce and Industry. LCCI Vice President Haris Ateeq also spoke on the occasion.

Guido Dolara said that Pakistan is large beneficiary of GSP Plus. However, there are many areas where potential is still untapped. He said that LCCI can play an important part in helping the SME sector to realize the potential of GSP Plus.

'We are close to finalizing the monetary report and this report will be completed by October', he said, adding that the current GSP Plus scheme will expire in December 2023.

He said that the rules for the next GSP scheme are being debated by the legislators. The beneficiary countries will have to re-apply for the scheme. The past record of compliance would be given due weightage.

'It is important that the business community is in contact with the government. So that the implementation in the areas like labour rights and environment can be improved', he added. Mian Nauman Kabir said that GSP Plus status holds paramount importance for Pakistan's economy as it has played an important role in expansion of bilateral trade. Due to the GSP Plus status, Pakistan's exports to EU, which were around 6.2 billion dollars in 2013, have increased over the time to 9.7 billion dollars in 2021.

He said that European Union has also been benefiting from GSP Plus as it has enabled the businesses in EU to import high quality textile items from Pakistan at competitive prices. Furthermore Pakistan's imports from EU also increased from 4.4 billion dollars in 2013 to 6.4 billion dollars in 2021 as the textile industry in Pakistan has been importing machinery from the EU.

The LCCI President said that the increased bilateral trade means more jobs, reduction in poverty, better working conditions, promotion of sustainable policies and improvement of the macro-economic indicators of Pakistan. I am glad to mention that Pakistan's exports to EU, facilitated by GSP plus account for more than 35 percent of the country's total exports.

He said that in this context, the extension of GSP plus status for Pakistan holds great significance for our economy. A strong EU-Pakistan relationship, with GSP plus at its core, supports Pakistan's economic and social development including...