Europe and Pakistan had expected a long-announced plan for trade preferences for Pakistani textile makers to be approved during a meeting of trade diplomats in Geneva on Monday, but a Bangladeshi complaint effectively halted it.
Pakistan is in a state of Emergency where its economy has seriously suffered from the War on Terror, Floods and ongoing violence, the decision by Bangladesh is very unfortunate, says lawmakers.
In 1971, Bangladesh has nationalized all factories owned by Pakistani Industrialists in the country, giving a serious blow to Pakistan's economy and most significantly to Bawanis, Adamjees, Ispahani and Dawood groups. Recently, many of Pakistani industries are shifting their factories to Bangladesh due to their government subsidies.
Pakistani lawmakers have a serious concern on the latest Bangladeshi move and it is expected that the issue with Bangladesh would be seriously tackled in SAARC Conference in Maldives and further on would be raised in all forums nationwide and internationally.
The EU last year offered to allow import of 75 Pakistani items on a lower duty to help Pakistan cope with the floods of July-August 2010. The package must get a WTO nod to come into effect.