“Generalized Scheme of Preferences” (GSP) is an act approved by European Parliament which allows developing country exporters to pay lower duties or zero duties on their exports to the EU. This gives them vital access to EU markets and contributes to their economic growth.
The “GSP+” enhanced preference means full removal of tariffs on essentially the same product categories as those covered by the general arrangement.
These are granted to countries which ratify and implement internationalconventions relating to human and labor rights, environment and good governance.
European Parliament approved the Single Delegated Act under which ten countries including Pakistan are privileged to Generalized System of Preferences Plus (GSP Plus) Scheme.The European Union being Pakistan’s most important trading partner supports the integration of Pakistan with the global economy by granting Pakistan’s exports to the EU reduced tariffs under the EU’s Generalized Scheme of Preferences.The Act will come into force from January 1, 2014.
No comments:
Post a Comment