Islamabad Chamber of Commerce and Industry (ICCI) on Friday hailed the decision of the World Trade Organization (WTO) for approving waiver to the European Union (EU) to import 75 duty free products from Pakistan.
ICCI President Yassar Sakhi Butt said that trade ties with the European Union member countries would be enhanced as our products would have duty free excess to EU for two years.
He said that the package would help to keep country’s trade and current account deficit under controllable proportion, adding that, as per estimates, domestic exports could go up by $150 million to $175 million per annum, which will ultimately generate significant economic activity in the country.
Butt also said that EU concessions granted to certain textile products was a good sign for the ailing value-added textile industry, pointing out that the garments exports were badly suffering due to various factors. Thus, EU’s package, which was long awaited by our exporters, would bring positive impact into the garment and apparel industry, he added.
He was of the view that market access to EU would create more opportunities in domestic industry, resulting not only in competitiveness, jobs growth, exchange of technological know how, and development of skills, but also would lead to the empowerment of people to meet present and future challenges.
Market access granted by EU would help our country to build up its capacity to become a more effective and competitive actor in international economic relations, he maintained.
Yassar Sakhi Butt urged the government for a smooth supply of electricity and gas to the industrial units in order to fully avail the existing export potential of these markets for sustainable economic growth. He appreciated the determined efforts of H.E. Mr. Lars Gunnar Wigemark, Ambassador of EU to Pakistan, for said market access to EU and said that this concession would promote closer trade ties between Pakistan and EU in the long-term.
He was of the view that Pakistan inclusion in the GSP Plus should also be considered which will result in giving more access to Pakistani industry to the rest of the world.
