EU trade package comes into force

Regulation covers all EU states, will expire on December 31, 2013.

ISLAMABAD: Following their adoption by the European Parliament and Council, the EU’s autonomous trade concessions for Pakistan came into force on Wednesday. The regulation covers all EU member states and will remain in force until December 31, 2013.

After the devastating floods in Pakistan in 2010, the European Council had mandated the European Commission to formulate a comprehensive package including measures to provide Pakistan with greater market access to help recover from the disaster.

EU Ambassador to Pakistan Lars-Gunnar Wigemark welcomed the inception of the autonomous trade concessions, saying: “These special trade concessions will provide economic growth by generating employment. They will also help the industries of Pakistan, especially textile and clothing exporters, to get increased market access.”

26 items manufactured in Pakistan have been offered under Tariff Regulated Quotas, while 49 items have been covered under non-tariff regulated quotas. In total, 75 items have been granted duty-free market access under these autonomous trade concessions.

Published in The Express Tribune, November 15^th, 2012.