The Pak business community is thankful to WTO member countries for their support in special trade waiver to help stabilise country's economy that suffered irreparable loss in the wake of floods devastation.
Founder Chairman Pak US Business Council and veteran trade leader Iftikhar Ali Malik while talking to APP here Sunday said under this package, almost 900 million euros in import value or 27 per cent of imports from Pakistan for a 2 year period from January 2012 to December 2013, would be allowed.
He said waiver in customs duty would result in additional exports of 400 million euros per annum and provide a level playing field with Bangladesh which also enjoys generalised system of preferences (GSP). He said 65 products out of total of 75 related to textile sector and there would be no customs duty on imports under tariff rate quota (TRQ), however, if prescribed threshold limit would be crossed then it will attract normal tariff applicable on most favoured nation status.
He urged WTO member countries to continue waiver on permanent basis to help bail the country out of grim fiscal conditions as Pakistan is contributing towards stamping out the menace of terror in the region and its heroic role have altogether been widely acknowledged world-wide as it suffered trillions of dollar colossal loss.
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