Home / Knowledge / News / Textiles / Turkey to match EU concessions
Turkey to match EU concessions
11
Mar '11
In a significant development, Turkey has offered Pakistan, trade concessions at par with the European Union (EU) offer on the condition of approval by World Trade Organization (WTO).

The EU offered 20 percent relief in import duty on 75 items from Pakistan in October and Turkey is ready to trade with Pakistan at same concessions. The aim of the EU package is to help Pakistan in the aftermath of the devastating floods in August last year.

President of Karachi Chamber of Commerce & Industry, Saeed Shafiq told that as soon as the EU trade package was approved, Turkey would offer a similar package to Pakistan. Saeed Shafiq made this announcement at a press conference.

He said that the Director General of Foreign Trade of Turkey had informed him about their intentions to offer similar concessions. Shafiq told that Turkey was keen to pull Pakistan out of the economic crisis, which deepened after the worst floods in August last year.

Though EU package would help Pakistan earn an additional income of 100 million euros per year, it had invited severe criticism from the local textile manufacturers as around 90 percent items in this package consist of raw materials for textile sector.

In addition to that, India and other regional competitors opposed the pact strongly at the WTO meeting. Originally Pakistan was supposed to start availing this package from January, 2011 for a period of three years but because of opposition from surrounding countries at WTO, the pact was put on hold. However, Pakistan hopes to get the approval in this month.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 29th Apr 2017

EU rules needed to curb textile worker exploitation: MEPs

European Union (EU) rules are needed to oblige textile and clothing...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

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 <b>Prathyusha Garimella</b> is known for blending ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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

news category


Related Categories:
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X