The plenary of the European Union (EU) parliament on Friday cleared the Autonomous Trade Concessions for Pakistan.
According to a press release, the only hurdle now remains WTO waiver but the passage of the proposal by the EU parliament is a good development for Pakistan.
It may be recalled that the European Council in its meeting on 16th September, 2010, had decided to grant Pakistan Special Concessions to support the Pakistan Economy in the wake of devastation caused by the unprecedented floods.
Following the decision, the EU announced Duty Free access to Pakistan on 75 tariff lines subject to WTO waiver.
The total worth of export of these tariff lines is US $ 1.03 billion and the average tariff on these products is around 8.86 percent. Pakistan’s global export on these products are US $ 3.80 billion.
