WTO Approves Tariff Free Export Of Pakistan Textiles To EU

The World Trade Organization (WTO) Council for trade in goods has approved 75 tariff free products for Pakistan. European Union Market export until the end of 2013.

Once approved by the WTO General Council and subsequently completed the EU internal procedures, the two years will be completed. tariff The waiver will take effect.

The purpose of the EU policy is to support the South Asian countries in coping with the 2010 flood. Economics Losses.

Textile exports in Pakistan are expected to increase substantially. Textile exports account for more than 70% of Pakistan's total exports to EU countries, about 3 billion euros (3 billion 900 million US dollars).

Pakistan is the largest trading partner of the European Union, making up nearly 30% of all imports from the EU.

The 75 products will be exempt from customs duties, about 900 million euros, that is, about 27% of Pakistan's total exports to the EU.

According to the request of the European Union, the WTO approved this unique trade clause for its Member States because Pakistan faced a special situation after its devastating floods in 2010.

After nearly 18 months of discussion, the WTO approved the request, and the total export volume of Pakistan is expected to increase by 15% to 20%.

Before the WTO ratification, several countries objected to the EU's proposal to exempt Pakistan from tariffs, including India, Bangladesh, Indonesia, Brazil and Argentina.

Because of the fear of these countries, 20 kinds of Pakistan products will be subject to tariff quotas instead of all tariffs.