Saturday, May 14, 2011

EU Parliament approves trade concessions for Pakistan

The passage of the proposal by the EU parliament is a good development for Pakistan.

EU remains hopeful of getting the waiver approved by the WTO as well.

It is pertinent to recall that the European Council in its meeting on 16th September, 2010 had decided to grant Pakistan Special Concessions to support the Pakistan Economy in the wake of destruction caused by the heavy floods.

Following the decision, the EU announced duty free access to Pakistan on 75 tariff lines subject to WTO waiver.

The total worth of export of these tariff lines is US $ 1.03 billion and the average tariff on these products is around 8.86 per cent.

Pakistan’s global export on these products is US $ 3.80 billion.

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