Pakistan would have to apply for the new regulation under the EU’s Generalised Scheme of Preferences-Plus (GSP+) status for the country after new rules come into effect, Belgian Ambassador Charles Delogne has said.

“2023 was the year when bilateral trade between Belgium and Pakistan remained balanced which was very good as Belgium does not contribute to the payment crises being confronted by Pakistan,” he said while speaking at a meeting of Karachi Chamber of Commerce & Industry (KCCI) on Monday.

He added that Pakistan was “making good use of the GSP+ agreement” which has made EU the main trade partner of Pakistan.

Last year, the members of the European Parliament of the European Union rolled over the rules on the GSP+ till 2027.

KCCI President Iftikhar Ahmed Sheikh welcomed the ambassador and acknowledged Pakistan’s commitment to implementing the GSP Plus program.

He noted that Pakistan’s exports to the EU surpassed $8 billion in the fiscal year 2023, with Belgium emerging as one of the largest export destinations within the EU.

Sheikh stated that Pakistan’s exports to Belgium, amounting to around $405 million during the first nine months of the current fiscal year, fell short of expectations.

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