Home / Knowledge / News / Textiles / EU implements trade concessions package to Pakistan
EU implements trade concessions package to Pakistan
17
Nov '12
Mr. Makhdoom Amin Fahim
Mr. Makhdoom Amin Fahim
The European Union has issued notice for implementation of trade concessions package to Pakistan. The package provides duty-free access for 75 Pakistani products to the EU nations.
 
The trade concessions package is an effort by the EU to compensate Pakistan for the loss occurred due to the devastating floods of 2010.
 
Addressing a press conference, Pakistan’s Senior Commerce Minister Makhdoom Amin Fahim said the EU package is likely to accrue financial benefit of around € 500 million to Pakistan by December 2013.
 
Under the trade concession package awarded to Pakistan, only 25 percent of the annual quota will be available for duty-free access during the remaining part of the current year, while a full 100 percent quota will be available next year.
 
The European Commission will manage the duty-free access quota and the Pakistani officials would have to only confirm the Pakistani origin of the exported products, which would make them eligible for trade concessions.
 
The Minister further informed that Pakistan has signed a memorandum of understanding (MoU) this month with the four-nation European Free Trade Association to consider the possibility of entering into a trade agreement. The grouping consists of Iceland, Liechtenstein, Norway and Switzerland.
 
Pakistan is also hoping to secure Generalized System of Preferences (GSP) Plus status, to be effective from 2014, to gain duty-free access to all Pakistani products. However, Pakistan would have to implement all human rights conventions signed by it at various global forums before gaining GSP Plus status.
 

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 28th Sep 2016

ILO to bring 127 more Bangla apparel units under BW

To ensure greater social compliance and workers rights, the...

Textiles | On 28th Sep 2016

British Wool Marketing Board seeks new County members

The British Wool Marketing Board (BWMB) is seeking new County members ...

Textiles | On 27th Sep 2016

SASEC countries plan greater economic cooperation

The six member countries of the South Asia Sub-regional Economic...

Interviews View All

Amit Jain
Shingora Textiles Ltd

Awen Delaval
Samatoa

Abhishek Ganguly
Puma India

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
September 2016

September 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search