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
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