GSP+ Status For Pakistan To Continue
Muhammad Irfan Published September 23, 2021 | 12:50 AM
ISLAMABAD, (UrduPoint / Pakistan Point News - 23rd Sep, 2021 ) :The European Commission has decided to maintain the Generalized Preferential System Plus (GSP-Plus) status for Pakistan, with introduction of new six conventions for the low income countries.
The commission, in a statement on Wednesday, said that it has introduced six new conventions related to providing facility to people with physical disability, tackling climate change, and child labour for the .
Furthermore, it has also introduced new GSP rules in order to facilitate the low-income countries.
The Commission, which reviewed the status of several other countries along with Pakistan, said talks would continue with the EU-Pakistan Joint Commission. Today's review related to the EU Regulation establishing the EU's GSP framework, which expired at the end of 2023.
The Commission in a statement said that it adopted the legislative proposal for the new EU's Generalised Scheme of Preferences (GSP) for the period 2024-2034. "The Commission is proposing to improve some of the key features of the scheme to better respond to the evolving needs and challenges of GSP countries as well as reinforce the scheme's social, labour environmental and climate dimension," it added.
The GSP Regulation is a unilateral trade tool that removes or reduces import duties from products coming into the EU from vulnerable low-income countries, supporting poverty eradication, sustainable development, and their participation in the global economy.
The Commission's proposal makes the EU's GSP more focused on reducing poverty and increasing export opportunities for low-income countries. It aims to incentivise sustainable economic growth in low-income countries and offers new room for engagement on environmental and good governance issues.
The new GSP framework strengthens the EU's possibilities to use trade preferences to create economic opportunities and to advance sustainable development.
The modernized framework also expands the grounds for the withdrawal of EU GSP preferences in case of serious and systematic violations. Beyond the core human rights and labour conventions already covered, the proposal incorporates environmental and good governance conventions.
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Pakistan
-
Pakistan, UK discuss collaboration in education sector
6 hours ago -
PMD forecast rain-windstorm/thunderstorm for various parts of country
6 hours ago -
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
6 hours ago -
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
7 hours ago -
Earthquake jolts Karachi
7 hours ago -
Sindh minister orders operation after attack on police in Ghotki
7 hours ago
-
Police book youngster for abusing student for one year
7 hours ago -
Police arrest 23 suspects, recover stolen money, phones
7 hours ago -
Colorful cultural festival concludes at NUML
7 hours ago -
Immunization awareness week kicks off in Balochistan
7 hours ago -
Ministers visit Aziz Bhatti Shaheed Hospital following roof collapse incident
7 hours ago -
IHC serves notices in petition against 'roti' price fixation
7 hours ago