The approval of the EU’s trade aid package for Pakistan will boost its domestic cotton consumption
According to Pakistan’s “Daily Times” report, the Council for Trade in Goods (CTG) of the World Trade Organization (WTO) recently unanimously approved the EU’s trade assistance plan for Pakistan, allowing 75 types of Pakistani goods to enter the EU market at zero tariff. The decision was widely welcomed by Pakistani industry insiders and regarded as a major diplomatic achievement.
Analysts pointed out that the approval of the EU’s trade plan for Pakistan will effectively promote cotton consumption in Pakistani cotton spinning mills and cotton gins. Usually, Pakistan’s annual cotton consumption is 11 million bales, but this year it is expected to increase by 1.5 million bales to 12.5 million bales. Pakistan’s cotton harvest is expected to be good this season, which will also strongly support the production of the textile industry. As of February 1, 2012, Pakistan had harvested approximately 13.5 million bales of cotton. Pakistan’s official cotton output is expected to reach 14.3 million bales, but analysts believe that the final output may exceed 15.5 million bales.
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