Chairman Landhi Association of Trade and Industry (LATI), Ziad Bashir has advised industries that they should focus on the specific areas under European Union (EU) concessions. In a statement he said that the unilateral tariff concession to Pakistan given by European Union (EU) while securing a waiver of World Trade Organisation' (WTO) rules was going to be oxygen for Pakistani textile exports, which was already going down for the last couple of months.
The country's textile exports, which has already been decreased by 3.79 percent during the first seven months of the current financial year due to reduction in cotton price in international market and severe energy crisis in the country, could regain its movement if the EU facility was availed at a maximum level.
Appreciating the approval EU's waiver request in WTO on custom duties for 75 items, mostly textile related, from Pakistan to help the country recover from 2010's floods, he said in order to avail maximum benefits of the limited facility; the government and concerned authorities should immediately resolve the energy issue in the country which has badly affected the production of textile made-ups.
It is worth mentioning here that the EU had offered this one-time facility to Pakistan and approached WTO in October 2010 to seek a waiver on trade preferences to Islamabad on these products amounting to almost 900 million Euros in import value, or 27 percent of imports from Pakistan for a two-year period from January 2012 to December 2013.-PR
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