EU duty waiver for Pakistan gets approval from WTO

EU duty waiver for Pakistan gets approval from WTO

Geneva: (Wednesday, February 01, 2012) The World Trade Organization has approved European Union’s decision to waive off duties on 75 exportable items from Pakistan today. The EU has taken the decision to extend help for Pakistan
in recovering from massive floods rendered the country inundated in 2010 that demolished infrastructure in two provinces of the country.

With EU forwarding the proposal, there were objections from textile exporter countries like Brazil, India, Indonesia and Bangladesh against the decision, however, they dropped on the objections when EU amended the scheme to apply
tariff rate quotas on 20 products rather than allowing full liberalization.

The waiver will be considered to be in effect from January 1, 2012 and will remain in place until December 31, 2013. For its implementation, the decision needs to be rubber-stamped and reinforced by the World Trade Organization’s
General Council, which is expected to approve the decision on February 14 or 15.

Commenting on this latest development, a trade diplomat said that the deal will help in increasing Pakistan’s textile exports.

Short URL: https://www.newspakistan.pk/?p=11489

Posted by Fayyaz Yaseen on Feb 1 2012. Filed under Business, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry