Pakistan to benefit from EU key trade preferences

10:06, October 08, 2010      

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European Commission adopted a proposal on Thursday to give support to flood-hit Pakistan through key trade preferences.

In order to promote Pakistan's economic growth and recovery in the aftermath of the terrible floods that made thousands of victims in the country, the European Commission decided on Thursday to adopt a proposal for unilaterally suspend, for the next three years, duties on important imports from Pakistan.

The preferences would liberalise 75 tariff lines on imports from Pakistan, accounting for 27 percent of its current imports to the European Union (EU), thus increasing the bloc's imports from Pakistan of around 100 million euros (around 135 million U.S. dollars).

The range of products for liberalization, which have been chosen according to the nature of Pakistan's industrial and export base, include textiles and other industrial products such as ethanol.

"This proposal will offer a real boost to Pakistan's economic recovery while at the same time take into account sensitivities of EU industries," said on Thursday EU Trade Commissioner Karel De Gucht, who also insisted on the EU capacity to offer critical assistance to global partners.

The commission is expected to present its proposal to member states and European Parliament in the coming days. The EU will then have to submit a request for a World Trade Organization (WTO) waiver authorizing the suspension of duties on important imports from Pakistan.

Source: Xinhua


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