LONDON: The European Commission has put forward a package covering 75 products worth up to 176 million pounds over two years to help Pakistan recover from the flood disaster and bolster political stability.
This emerged from the briefing Monday by David Martin, Scotland’s most senior member of the European Parliament (MEP), to Glasgow Central MP Anas Sarwar about the latest moves in the European Union (EU) proposal to grant Pakistan privileged access to EU markets.
“The European Commission has come forward with a package covering 75 products which could be worth up to 176 million pounds over two years,” explained Mr Martin who is a member of the European Parliaments International Trade Committee, this would mean zero rating tariff covering 27 percent of Pakistan exports to the EU and is expected to boost Pakistan’s exports by 88 million pounds per year.
The EU is currently Pakistan’s major trade partner (worth 7.6 billion Euros) and the main export items are textiles and clothing products which amount to more than 60 percent of Pakistan’s trade with the EU.