EU notes 'deficiencies' in Pakistan’s implementation of commitments ahead of GSP+ renewal

This picture taken on January 11, 2023, shows a general view of sea port in Karachi, Pakistan. (AFP/File)
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Updated 06 June 2023
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EU notes 'deficiencies' in Pakistan’s implementation of commitments ahead of GSP+ renewal

  • GSP+ is a special trade arrangement offered to developing economies by European nations
  • Beneficiary nations commit to implement 27 conventions on rights, climate, governance

ISLAMABAD: Pakistan has taken steps to “effectively” implement its international commitments regarding the European Union's Generalized Scheme of Preferences Plus (GSP+) but “deficiencies” remain, a senior EU official said on Monday.

GSP+ is a special trade arrangement offered to developing economies by European nations in return for their commitment to implement 27 international conventions on human rights, environmental protection and governance. The current GSP framework will come to an end in December 2023.

To maintain the benefits of GSP+, Pakistan and other beneficiary countries will need to re-apply and submit a work plan outlining their commitment to implementing the relevant international conventions.

“Over the last ten years, Pakistan has taken steps to effectively implement its international commitments on the 27 conventions and all of which we are scrupulously noting,” Dr. Ewa Synowiec, principal advisor at the Directorate General for Trade of the European Commission, said via video link from Brussels as she addressed a national dialogue called GSP+ Week organized by the Justice Project Pakistan (JPP) and the Parliamentarians Commission for Human Rights (PCHR) with participation from key Pakistani stakeholders in the government, judiciary, media and civil society.

“However, deficiencies remained in many areas, and for this reason, it is a good initiative taken by this forum to organize this week-long program,” Synowiec said, adding that the EU would also get a final report on Pakistan’s actions from its mission in Pakistan.  

“The performance on international agreements and conventions are the basis of the GSP+ commitments and also the basis for the future of the program for all beneficiaries including Pakistan,” Synowiec added.

Her comments come as Pakistan has seen the mass arrests of leaders from former prime minister Imran Khan's party and the move to try them in military courts, following violent protests last month. Local and international human rights bodies have raised alarm about the crackdown against Khan and his party and said military courts infringe on due legal process. 

Leading journalists have also been picked up, with rights groups pointing fingers at Pakistan's powerful intelligence services often suspected of intimidating critics in this way. Their involvement has rarely been proved.


Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January

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Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January

  • Pak-Qatar General Takaful Limited plans to raise up to $1.5 million through initial public offering
  • Institutional investors will get 75% of shares, while the remaining 25% will go to retail investors

KARACHI: Pakistan’s first dedicated non-life Shariah-compliant takaful operator said on Monday it will launch an initial public offering this month, seeking to raise up to Rs 420 million ($1.5 million) as Islamic finance gains traction in the country’s capital markets.

The company, Pak-Qatar General Takaful Limited, said it would issue 30 million shares, with a floor price of Rs 10 and a ceiling price of Rs 14 per share. Institutional investors will receive 75% of the shares on offer, while the remaining 25% will be allocated to retail investors.

“Arif Habib Limited has been mandated by Pak-Qatar General Takaful Limited to act as the consultant and book runner for raising funds through the initial public offering,” it announced in a statement.

The book-building process for the offering will take place on Jan. 21-22, it added, with investor registration opening on Jan. 16, while public subscriptions are scheduled for Jan. 28-29.

The offering follows the recent listing of Pak-Qatar Family Takaful Limited, which raised Rs 901 million ($3.23 million) last month in Pakistan’s first Islamic insurance sector IPO, an issue that was oversubscribed several times.

Proceeds from the IPO will be used to strengthen the company’s capital base and support investments in technology, infrastructure and branch expansion, said the statement.

Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.