CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Pakistan-EU Trade Aid Vetoed At Eleventh Hour

Pakistan-EU Trade Aid Vetoed At Eleventh Hour

by Mary Swire, Tax-News.com, Hong Kong

10 November 2011


Bangladesh has blocked, at World Trade Organization (WTO) level, plans by the European Union to apply lower tariffs to certain imports from Pakistan.

The concessionary tariffs were proposed in 2010 to last three years to aid the country in its recovery from devastating floods that occurred that year. The proposed preferences would liberalize 75 tariff lines on Pakistan's current exports to the European Union (EU), representing 27% of bilateral trade.

However, as per WTO rules, in order to offer more favourable tariffs to a single member, the European Union has to receive the approval of all WTO member states.

The products for liberalization include textiles as well as industrial products such as ethanol. However, the proposal met with opposition from Pakistan's trade competitors, India, Bangladesh and Turkey.

India was the last of the three states to withdraw its opposition to the tariffs in September 2011. However, it has emerged that despite Bangladesh's assurance that it would support the concessions, at a meeting to discuss the measure on November 7, 2011, Bangladesh unexpectedly voiced new opposition to the deal. Pakistan is reportedly engaged in talks with Bangladesh to overcome the nation's concerns.

TAGS: Pakistan | India | tariffs | World Trade Organisation (WTO) | Bangladesh | trade | European Union (EU) | Turkey | Europe

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »