Editor's note: The purpose of the EU's formulation of this policy is to support this South Asian country in coping with the economic losses caused by the 2010 flood.
The World Trade Organization (WTO) Council for Trade in Goods has approved 75 tariff-free exports of Pakistani products to the EU market until the end of 2013.
Once the approval of the WTO General Council and the subsequent completion of the EU internal procedures, a two-year tariff reduction will take effect.
The purpose of the EU's formulation of this policy is to support this South Asian country in coping with the economic losses caused by the flood in 2010.
Pakistan’s textile exports are expected to increase substantially. Textile exports account for more than 70% of Pakistan’s total exports to EU countries, with approximately Euro 3 billion (US$3.9 billion).
Pakistan is the EU’s largest trading partner and constitutes nearly 30% of all EU imports.
75 products will be exempt from tariffs, which is approximately 900 million euros, that is, approximately 27% of Pakistan’s total exports to the EU.
According to the requirements of the European Union, the WTO ratified this one-of-a-kind trade clause for one of its member states because Pakistan faced special circumstances after its devastating floods in 2010.
After nearly 18 months of discussion, the WTO approved this request and Pakistan’s total exports are expected to increase by 15% to 20%.
Before the WTO ratified, several countries opposed the EU’s proposal to exempt Pakistan’s tariffs, including India, Bangladesh, Indonesia, Brazil, and Argentina.
Due to the fears of these countries, 20 Pakistani products will be subject to tariff quotas rather than all cancellations of tariffs.
The World Trade Organization (WTO) Council for Trade in Goods has approved 75 tariff-free exports of Pakistani products to the EU market until the end of 2013.
Once the approval of the WTO General Council and the subsequent completion of the EU internal procedures, a two-year tariff reduction will take effect.
The purpose of the EU's formulation of this policy is to support this South Asian country in coping with the economic losses caused by the flood in 2010.
Pakistan’s textile exports are expected to increase substantially. Textile exports account for more than 70% of Pakistan’s total exports to EU countries, with approximately Euro 3 billion (US$3.9 billion).
Pakistan is the EU’s largest trading partner and constitutes nearly 30% of all EU imports.
75 products will be exempt from tariffs, which is approximately 900 million euros, that is, approximately 27% of Pakistan’s total exports to the EU.
According to the requirements of the European Union, the WTO ratified this one-of-a-kind trade clause for one of its member states because Pakistan faced special circumstances after its devastating floods in 2010.
After nearly 18 months of discussion, the WTO approved this request and Pakistan’s total exports are expected to increase by 15% to 20%.
Before the WTO ratified, several countries opposed the EU’s proposal to exempt Pakistan’s tariffs, including India, Bangladesh, Indonesia, Brazil, and Argentina.
Due to the fears of these countries, 20 Pakistani products will be subject to tariff quotas rather than all cancellations of tariffs.
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