The Ministry of Textile Industry has called a meeting of all the stakeholders to discuss Tariff Rate Quota's (TRQs) administration under European Union concession, informed sources revealed here on Monday. Talking to Business Recorder, officials said that to mitigate the effects of floods on Pakistan economy, the EU commission proposed a list of textile and non-textile items for a time bound suspension of customs tariff on limited tariff lines.
The EU has imposed a quota on 14 textile items and to discuss the administration of TRQs, a meeting has been summoned here today (Tuesday). Trade Development Authority of Pakistan (TDAP) will give a presentation to all the textile stakeholders about the different EU regulations related to EU TRQs. The Ministry will also seek the opinions of all the stakeholders regarding the Quota administration, sources maintained.
The European Council, while drafting the proposed tariff lines has taken into account industrial sensitivity in the EU and those of partners in the WTO. The proposal is considered a breakthrough in Pakistan's trade negotiation. Sources further said that the proposed preference would liberalise 75 tariff lines accounting for around 27 percent of total export to EU after which an increase in export amounting to Euro 1000 million is expected, sources added.
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