Multan Chamber of Commerce and Industry (MCCI) on Saturday hailed the decision of the Council on Trade in Goods (CTG) of the World Trade Organisation (WTO) for approving waiver to the European Union to import 75 duty-free products from Pakistan. President of MCCI, Mian Anis A Sheikh termed it a good step for enhancing the trade ties with the European Union member countries.
The products include certain textile products; leather goods and ethanol will have duty-free excess for EU for two years. The passage of the waiver will lead to increased exports to the EU by 20 percent and will generate significant economic activity in the country, he added.
He informed total textile export to EU was stood at $4.5 billion per annum, special items like yarn and cloth export for EU was recorded at $1 billion, which would further increase by $400-500 million. Anis urged the government for a smooth supply of energy for the sector to fully avail the existing export potential of these markets for sustainable economic growth.
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