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EU extends Pakistan’s GSP Plus status with six new treaties

The European Union (EU) recently extended Pakistan’s Generalized System of Preferences (GSP +) to 2022 and enacted six new treaties. The European Commission’s new treaty is on improving accessibility for the physically challenged, eradicating child labor and environmental safety. The EU will announce new standards for qualification for this system after 2022.

The EU has expressed concern about human rights, press freedom, death penalty and child labor-related issues in Pakistan, according to media reports in the country.

The EU is Pakistan’s second most important trading partner, accounting for 14.3% of Pakistan’s total trade in 2020 and absorbing 28% of Pakistan’s total exports.

The European Union (EU) has extended Pakistan’s Generalized System of Preferences and status to 2022, enacting six new treaties. The European Commission Convention deals with improving accessibility for persons with disabilities, eradicating child labor and environmental safety. The EU will announce new standards for qualification for this system after 2022.

In 2020, Pakistan was the EU’s 42nd largest trading partner for commodities, which account for 0.3% of EU trade. Pakistan’s exports to the EU are dominated by textiles and clothing, accounting for 75.2 percent of Pakistan’s total exports to the EU last year.

The EU and Pakistan have established trade subgroups to promote the development of two-way trade. Established under the auspices of the EU-Pakistan Joint Commission, the Trade Subgroup is a forum for broader discussion of trade policy developments and on individual market access issues that impede trade between the parties. The purpose is to work on it.

Fiber2Fashion News Desk (DS)



EU extends Pakistan’s GSP Plus status with six new treaties

Source link EU extends Pakistan’s GSP Plus status with six new treaties

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