The Generalised System of Preferences (GSP) was unanimously extended by the European Parliament for an additional four years, until 2027. The benefit of exporting goods to the European market with lowered or no duties is extended to developing nations, including Pakistan. 561 members voted in favor of the extension, five members abstained, and the motion received overwhelming support. This expansion includes all of the current GSP programmes, including GSP+. According to a formal statement from the EU Parliament, discussions about new rules were temporarily put on hold in June. The extension of the GSP schemes for 60 developing countries had already received approval from the INTA Committee, a trade body within the EU Parliament, in September of this year. On his social media, Dr. Ejaz expressed his happiness at the EU MEPs’ decision to extend the Generalised Scheme of Preferences (GSP) regulations through 2027. The extension of the current Scheme is anticipated to receive swift final approval from the European Council. Additionally, he reaffirmed Pakistan’s obligations under the Scheme for the Betterment of All and thanked the EU Parliament for “keeping its promise to ease trade from developing countries” Dr. Riina Kionka, the ambassador of the European Union (EU) to Pakistan, explained on Thursday that the goal of the MEPs’ proposal to extend the rules governing Pakistan’s GSP Plus status was to avoid a sudden disruption at the end of the year. In order to respond to a post made by Dr. Gohar Ejaz, the interim federal minister for commerce and industries, Ambassador Kionka used X, formerly known as Twitter. To clarify: This rollover is proposed so as to avoid a cliff edge at the end of 2023. It is unrelated to 🇵🇰’s performance or that of any other beneficiary country. 🇪🇺 Member States will decide soon. Monitoring will continue. https://t.co/Komdbf6mAy https://t.co/MvpJWwkxFc — Riina Kionka (@RKionka) October 5, 2023