ISLAMABAD: European Parliament is likely to approve the much awaited trade package for Pakistan in September 2012 as the EU�s committee for International Trade (INTA) has cleared the package meant for flood affectees of 2010, official sources told Business Recorder.
The sources said European Council in its meeting on September 16, 2010 decided in principle to grant time limited (for a period of two years and extendable for another) and immediate Pakistan specific trade concessions on 75 tariff lines subject to WTO waiver. A total number of 26 products will be subject to Tariff Rate Quota (TRQ). The General Council of WTO in its meeting on February 14, 2012 unanimously passed the motion for waiver allowing EU to grant trade concessions to Pakistan in the wake of floods of 2010.
According to sources, a trilogue consisting of representatives of EU Parliament, European Commission and European Council was formed to come up with consensus document which could be placed before European Parliament for approval. The second session of the trilogue took place on the eve of July 11, on the sidelines of the EU Parliament�s Committee for International Trade (INTA) meeting, wherein INTA representatives finally agreed to the amended proposal put forward by the Commission and the Council.
Furthermore, on July12, the matter of ATP was placed before the full committee of INTA for formal approval. The approval was granted by 21 votes in favour and 10 abstentions. The draft would now be presented before the plenary session of EU Parliament in September, 2012 for legislation before implementation, the sources continued.
The package includes 33 products of non value added textiles, 23 products of textile garments, eight products of home textiles, four products of value added leather, three products of footwear, two products of raw leather, one product of ethanol and one product of vegetables.
The existing tariff on products included in ATPs for concessions varies from 19.2 Euros/Hector litres on Ethyl Alcohol to 2.5 percent on raw leather.
Pakistan�s exports of these products to EU were worth Euro 1211.19 million in 2011. The export of these products was worth Euro 1032.9 million in 2010.
Pakistan�s exports to EU on textile products included in the ATPs in 2011 were worth Euro 1058.88 million. Pakistan exports on home textiles included in the package were worth Euros 247.44 million and the worth of exports of textile garments was Euro 310.81 million. Pakistan�s exports on non value added textile products included in the package for concessions amounted to Euro 450.52 million.
Secent1y EU has imposed definitive Countervailing Duty to the tune of 5.1 percent on import of PET from Pakistan.
The Government of Pakistan had assured cooperation to allay the concerns of EC and had amended all the schemes under question. The imposition of the CVD will affect GoP�s efforts to diversify its export basket as exports of PET account for one percent of Pakistan�s exports.�MUSHTAQ GHUMMAN
The sources said European Council in its meeting on September 16, 2010 decided in principle to grant time limited (for a period of two years and extendable for another) and immediate Pakistan specific trade concessions on 75 tariff lines subject to WTO waiver. A total number of 26 products will be subject to Tariff Rate Quota (TRQ). The General Council of WTO in its meeting on February 14, 2012 unanimously passed the motion for waiver allowing EU to grant trade concessions to Pakistan in the wake of floods of 2010.
According to sources, a trilogue consisting of representatives of EU Parliament, European Commission and European Council was formed to come up with consensus document which could be placed before European Parliament for approval. The second session of the trilogue took place on the eve of July 11, on the sidelines of the EU Parliament�s Committee for International Trade (INTA) meeting, wherein INTA representatives finally agreed to the amended proposal put forward by the Commission and the Council.
Furthermore, on July12, the matter of ATP was placed before the full committee of INTA for formal approval. The approval was granted by 21 votes in favour and 10 abstentions. The draft would now be presented before the plenary session of EU Parliament in September, 2012 for legislation before implementation, the sources continued.
The package includes 33 products of non value added textiles, 23 products of textile garments, eight products of home textiles, four products of value added leather, three products of footwear, two products of raw leather, one product of ethanol and one product of vegetables.
The existing tariff on products included in ATPs for concessions varies from 19.2 Euros/Hector litres on Ethyl Alcohol to 2.5 percent on raw leather.
Pakistan�s exports of these products to EU were worth Euro 1211.19 million in 2011. The export of these products was worth Euro 1032.9 million in 2010.
Pakistan�s exports to EU on textile products included in the ATPs in 2011 were worth Euro 1058.88 million. Pakistan exports on home textiles included in the package were worth Euros 247.44 million and the worth of exports of textile garments was Euro 310.81 million. Pakistan�s exports on non value added textile products included in the package for concessions amounted to Euro 450.52 million.
Secent1y EU has imposed definitive Countervailing Duty to the tune of 5.1 percent on import of PET from Pakistan.
The Government of Pakistan had assured cooperation to allay the concerns of EC and had amended all the schemes under question. The imposition of the CVD will affect GoP�s efforts to diversify its export basket as exports of PET account for one percent of Pakistan�s exports.�MUSHTAQ GHUMMAN
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