Pakistan would have to submit a new application for seeking extension in the existing Generalised System of Preferences Plus (GSP Plus) scheme beyond 2023, said the EU official while giving a background briefing. Pakistan needs to deal with current expectations of the EU and future regulations to remain a beneficiary of the GSP Plus, said the official. The European Commission last week proposed new EU regulations for the 2024-34 GSP Plus scheme. It is technically incorrect to say that the EU has extended the GSP Plus scheme. The EU official said that the new proposed GSP Plus regulations maintained all the current features but it had been made more effective and carried a quicker mechanism to suspend the GSP Plus benefits on violations of commitments by the beneficiary country.

Source: The Express Tribune October 01, 2021 03:45 UTC