ISLAMABAD: Foreign Office Thursday clarified that the European Parliament approved the Single Delegated Act under which ten countries including Pakistan are entitled to Generalized System of Preferences Plus (GSP Plus) Scheme.
Foreign Office Spokesperson in a statement said that the Act will come into force from January 01, 2014.
“Our embassies in the European capitals, the Ministry of Commerce and Governor Punjab have worked incessantly to bring about the passage of the Act,” said the Foreign Office.
“We are grateful to the European Commission and member countries of the European Union for their unstinting support at every step of the process and to the European Parliament for the adoption of the Single Delegated Act,” the Foreign Office added.
The EU initiative to grant GSP Plus will supplement the Government’s efforts to revive the economy.
The Foreign Office said, “it is our expectation that with the implementation of the Single Delegated Act, Pakistan’s trade with EU will receive a substantial boost, particularly in the textile sector.
It will also help generate a lot of economic activity, create more employment opportunities and improve security situation in Pakistan,” the Foreign Office added.