Updated on
Summary India assures Pakistan to withdraw its opposition at WTO against the country.
In the backdrop of Pakistan’s fresh decision to grant India Most Favored Nation (MFN)statues, India has re-assured Pakistan to withdraw its opposition at World Trade Organization(WTO) which would pave way for Pakistan to get trade concession offered by the European Union (EU).A senior official in the Commerce Ministry said on Friday that on November 7, Pakistan is expected to get trade concession given by the European Union as India has hinted of not opposing the concessions any more at WTO. The concessions earlier opposed by India now are expected to be approved as India has given surety to Pakistan not to oppose the concessions any more.In a bid to compensate the losses caused by Flood which wrecked havoc in the country last year. The EU had announced concession for Pakistan on 75dutiable products exported by Pakistan on September 16, 2010 which were subject to the WTO wavier and the WTO would take up the matter on Monday in its meeting.The selected product lines amount to almost 900 million Euros in import value, accounting for about 27 per cent of the EU imports from Pakistan. The total imports amount to 3.3 billion euros. Pakistan has already granted MFN status to 100 countries including China for boosting its regional trade for the benefit of the country and just three days ago announced to grant the status of Most Favored Nation (MFN) to India, following the approval of the Federal Cabinet.On the other hand Pakistan is also likely to qualify for Generalized System of Preferences (GSP) plus by January 2014 as European Commission (EC) has decided to enhance export limit for developing countries from existing one per cent to two per cent to European Markets which will help Pakistan to avail GSP Plus facility because Paksistan, current export to European Union is not more than 1.48 per cent.
