US to allow zero-duty access of products from EOZs

21 Apr '09

2 min read

The US will soon approve the proposal to provide, tariff free export of products produced in the Economic Opportunity Zones (EOZ's) in Pakistan for a period of 15 years. A meeting of businessmen and all concerned ministries would be called for planning a concrete strategy regarding this.

For obtaining access of Pakistani products to US and European markets on favorable terms the required efforts have been taken by the ministers. A meeting of all the chambers of the country and trade bodies along with all the concerned ministries will be held, to sort out every issue in this regard. The Prime Minister would preside over this meeting.

Till date, a viable, comprehensive and long-term policy has not been formulated in consultation with the stakeholders, due to which the economy couldn't improve. As compared to competing economic countries, Pakistan has not been provided level playing field in the global trade market, aver experts.

The Federal Commerce Minister informed that the issue of cotton import through Wagah would be resolved in a week to the satisfaction of textile industry. Also he informed that, by coming June the two floors of Expo centre at Lahore would start functioning and the money required for this was being released.

Tariff reforms, market access and diversification of exports were the three key issues of Pakistan's trade policy. The above issues would hold the key, if Pakistan has to reach to the target of US $45 billion exports.

Federal Commerce Minister added that Trade Development Authority of Pakistan needs to develop strong contacts with the business community to capture central Asian markets. Bangladesh, Sri Lanka, Turkey and many Latin and African countries already have duty-free access to the EU market.

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