The plenary of the European Union (EU) parliament on Friday cleared the autonomous trade concessions for Pakistan. The only hurdle now remains WTO waiver. But the passage of the proposal by the EU parliament is a good development for Pakistan. The EU remains hopeful of getting the waiver approved by the WTO, says an official statement issued here Friday.
The European Council in its meeting on September 16, 2010 had decided to grant Pakistan special concessions to support the Pakistan economy in the wake of devastation caused by the unprecedented 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 $1.03 billion and the average tariff on these products is around 8.86 percent. Pakistan's global exports of these products are $3.80 billion.
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