Updated on
Summary
European Union diplomats said the bloc's foreign ministers have agreed to temporarily waive World Trade Organization tariffs on key Pakistani imports to help boost the flood-devastated country's economy. The diplomats said the European Commission will work out by next month which exports will be covered and how long the waiver will last. The diplomats said a joint declaration agrees to grant exclusively to Pakistan increased market access to the European Union through the immediate and time-limited reduction of duties. The diplomats spoke on condition of anonymity because the talks were still going on behind closed doors. Diplomats said such a move could be worth between euro230-euro300 million ($290-$380 million) a year for Pakistan.
