ISLAMABAD: In order for the European Union to profit from trade under the Generalized Scheme of Preferences Plus (GSP+) program, Commerce Minister Jam Kamal Khan guarantees that the EU will abide by 27 international treaties.
The minister made the pledge during a meeting with Ambassador Olaf Skoog, the EU Special Representative for Human Rights, on Tuesday to talk about ways to improve the alliance through economic cooperation and trade.The conference was centered on maintaining and expanding trade benefits under the GSP+ while guaranteeing adherence to international agreements, according to a statement released by the ministry of commerce.
The talks focused on Pakistan’s compliance with the 27 international treaties that it has ratified, which address human rights, labor rights, environmental standards, and good governance.
The European Parliament unanimously decided in October 2023 to give developing nations, including Pakistan, the ability to enjoy duty-free or minimally-duty European exports for an additional four years, until 2027.
Despite being a GSP+ country, Pakistan’s exports to the EU fell 3.12% to $8.240 billion in FY24.
The EU office in Islamabad said in a statement on X on Tuesday that Olaf Skoog met with Mr. Kamal to talk about the financial advantages and responsibilities of GSP+, especially with regard to labor and human rights. The EU office also emphasized that, with 30% of Pakistan’s exports in 2023 going to the EU, the EU continues to be the country’s top export destination.
“We are not only improving on these aspects as international obligations but because it is beneficial for us as a nation and government,” Mr. Kamal said in the announcement, reaffirming Pakistan’s adherence to these obligations.
Mr. Skoog emphasized the advantages of the GSP+ system for both European buyers and Pakistani exporters, and he commended Pakistan’s strong participation with the EU. In global human rights forums, he also stated his wish for more cooperation between Pakistan and the EU.
Mr. Jam assured the delegation of substantial progress, pointing to drops in interest rates and inflation, but acknowledging the economic difficulties the administration had experienced in the previous year.
In order to resolve common issues and guarantee Pakistan’s continued eligibility for GSP+ status, the parties decided to strengthen their cooperation. Through measures headed by the Treaty Implementation Cell, the minister of trade reaffirmed the government’s commitment to upholding its international commitments.