LCCI commends European Parliament for extending GSP status

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) commends the unanimous decision of the European Parliament to extend the Generalised System of Preferences (GSP) for another four years until 2027, offering developing countries like Pakistan invaluable opportunities to enjoy duty-free or minimum duty on exports to the European market.

In a statement, President of the Lahore Chamber of Commerce and Industry Kashif Anwar, Senior Vice President Zafar Mahmod Chaudhry and Vice President Adnan Khalid Butt said that LCCI appreciates the unwavering efforts of the Government of Pakistan in advocating for this extension, further strengthening trade relations and fostering economic growth for our nation. He said that the GSP Plus status, which Pakistan has enjoyed in the past, has significantly contributed to enhancing our export potential and economic prosperity.

They said that GSP Plus status holds paramount importance for Pakistan’s Economy as it has played an important role in expansion of multilateral trade. According to the trade statistics from ITC World Trademap, Pakistan’s exports to EU, which were around $6.3 billion in 2013, have increased over the time to $11.3 billion in 2022, primarily due to the deeper market access provided by European Union under GSP plus. They said that this essentially means that due to GSP Plus, European Union is by far the biggest destination for Pakistan’s exports as more than 30% of our exports reach EU market.

The LCCI office-bearers said that this privilege has played a pivotal role in boosting our export sector, particularly in textiles, apparel and other key industries. The GSP Plus status has not only bolstered our economic prospects but has also supported job creation and sustainable development within the country.

Copyright Business Recorder, 2023