The Pak business community is thankful to WTO member countries for their support in special trade waiver to help stabilize country’s economy that suffered irreparable loss in the wake of floods devastation.
Founder Chairman Pak US Business Council Iftikhar Ali Malik said under this package, almost 900 million euros in import value or 27 percent of imports from Pakistan for a 2 years period from January 2012 to December 2013, would be allowed. He said waiver in customs duty would result in additional exports of 400 million euros per annum and provide a level playing field with Bangladesh, which also enjoys generalized system of preferences (GSP). He said 65 products out of total of 75 related to textile sector and there would be no customs duty on imports under tariff rate quota (TRQ), however, if prescribed threshold limit would be crossed then it would attract normal tariff applicable on most favoured nation status. He urged WTO member countries to continue waiver on permanent basis to help bail the country out of grim fiscal conditions as Pakistan is contributing towards stamping out the menace of terror in the region and its heroic role have all together been widely acknowledged worldwide as it suffered trillions of dollar colossal loss. Iftikhar Ali Malik said President US Chamber of Commerce Thomas Donohue had also fully supported the long standing just demand of Federation of Pakistan Chamber of Commerce and Industry for duty-free imports of Pak products to United States on an urgent basis to bail the country out of super flood devastation./.