EU to Invest in Balochistan Development Under New Scheme
According to news media, Androulla Kaminara, ambassador of the European Union (EU) to Pakistan, stated that the EU is expanding financial cooperation for Balochistan’s development.
Various sectors in Balochistan and other regions of the country will be assisted in sustainable development under the corporation program. In addition, the ambassador stated that bilateral trade between the EU and Pakistan has been steadily expanding over the past several years and that this trend will continue to strengthen.
Notably, the EU has prolonged Pakistan’s Generalized Scheme of Preferences Plus (GSP+) status, and a review for a further extension for the following two years is currently underway.
The GSP+ designation will be renewed until 2024 upon the successful implementation of the 27 EU treaties (Pakistan is a signatory to all of them).
Under the GSP+ designation, Pakistan receives unique traffic duty concessions and access to the larger EU market, which has progressively grown to billions of Euros in recent years.
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