APBUMA welcomes WTO decision

All Pakistan Bedsheets and Upholstry Manufacturers Association (APBUMA) welcomed world Trade Organisation (WTO) waiver for EU concessions granted to certain textile exports from Pakistan post floods in 2010. Syed Muhammad Aasim Shah, Chairman of APBUMA, said that it is good news for the value-added sector and this decision of economic package for Pakistan offered by European Union (EU), terming it as a good omen to the ailing textile industry.
He said Pakistan's value-added textile industry especially bed ware, coarse cloth, aprons, towels and napkins' exports were badly suffering due to various factors. He said the EU package would greatly help the Textile and ancillary industries. The APBUMA Chairman appreciated the efforts of Commerce Minister Amin Faheem, Secretary Commerce Zafar Mehmood and TDAP's Chief Tariq Puri in this regard. The APBUMA acknowledged the support that was extended by Pakistan's friends in the EU Parliament. With the approval of WTO, a list of 75 dutiable product lines of importance for Pakistan's exports has been established.
The selected product lines amount to almost 900 million pounds in import value, accounting for about 27 percent of European Union's imports from Pakistan estimated at 3.3 billion pounds. In order to ensure an immediate but sustainable impact on the economic recovery of Pakistan in the aftermath of the floods it is appropriate to limit the duration of the trade preferences to two years.
The EU reserves its right to request an extension of this duration by another year if it considers that this is necessary for the economic recovery of Pakistan. In addition, Pakistan currently benefits from the EU's Generalised System of Preferences (GSP) provided for in Council Regulation (EC) No 732/2008 of July 22, 2008. Under this scheme Pakistan benefits from preferential access to the market of the EU, which allows Pakistan to export to the EU more than 3,000 tariff lines duty free, while enjoying reduced duties on another 3,000 tariff lines.