There is a divergent understanding in the government and textile industry of Pakistan regarding 'Unilateral' trade concessions that were recently approved, by the European leaders at a European Council Summit, after a Pakistani delegation's week-long efforts.
The deal would take effect from this December. Mr. Zafar Mahmood, Commerce Secretary and a member of the Pakistani delegation stated that speculations would be of no use till the agreement is effective. Tariff lines, list of items and period of trade concessions are not finalized yet, informed Mr. Mahmood, advising caution.
EU has followed the most 'immediate and time-limited reduction' of the world, on account of which the whole process may get final shape within weeks, instead of months, clarified the Commerce Secretary.
The agreement also comprises GSP Plus, commencing from the year 2014, as all 27 international conventions have already been ratified by Pakistan. Two of which relating to good governance and human rights have been ratified recently.
Fibre2fashion News Desk - India
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