The members of the European Parliament of the European Union have decided to roll over the rules on the Generalised Scheme of Preferences-Plus (GSP+) till 2027, the commerce minister said on Thursday.

“The European Council is expected to give its final approval for the extension of the current scheme soon,” Gohar Ejaz said in a post on X, erstwhile Twitter.

In July, this year, the European Commission proposed extending Pakistan’s GSP+ status for another four years as a contingency measure. The special incentive is set to expire at the end of this year.

The GSP+ scheme became effective on Jan 1, 2014. The top export destinations for Pakistan are Germany, the Netherlands, Spain, Italy, and Belgium.

Ejaz reiterated Pakistan’s commitments under the scheme for the betterment of all.

“I wish to thank the EU Parliament for living up to its commitment to facilitate trade from developing countries,” he said.

“The proposed extension of the current regulation for GSP+ in effect that means no change for Pakistan at the moment,” EU Ambassador to Pakistan Dr Riina Kionka said in a statement on July 7, 2023.

She explained that Pakistan enjoyed the same trade preferences and access to the European markets and it has the same obligations as before in terms of implementing 27 human rights, labour rights, governance, and the environment.

The EU Ambassador to Pakistan said they were keeping a close eye on Pakistan and the proposed continuation of the regulation applied to all eight beneficiaries of GSP Plus.

Last month, Kionka called on caretaker Prime Minister Anwaarul Haq Kakar where they discussed the GSP Plus scheme.

The EU ambassador had assured that the EU would continue to provide support to the government and work to enhance cooperation in areas of mutual interest.