Friday, December 10, 2010

PRGMEA fears loss of $2 billion due to delay in EU trade concessions

PRGMEA fears loss of $2 billion due to delay in EU trade concessions

LAHORE  (December 10, 2010) : Chairman Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) Ejaz Khokhar has said possible delay in trade concessions from the EU till April 2011 may result in loss of about $2 billion during first quarter of the fiscal year.Talking to Business Recorder, Khokhar said the January shipments were almost ready with the exporters for the EU under the trade concessions, offered in context of economic loss due to recent floods. The European buyers had chalked out their business plans and shared with Pakistani exporters accordingly, he added.

He slammed the Ministry of Commerce for slumbering over the issue, citing its incapacity to handle the issues as prime cause behind the possible delay. He also criticised the Ministry for not sharing information with stakeholders as having invested heavily once hopes were raised in the wake of Pak-EU official talks. Khokhar also criticised the EU for selecting a list of items on its own in the first place. The present reports about the delay in implementation of trade concessions were creating problems, he said adding Pakistan's total economy was badly hit due to floods.

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