ISLAMABAD, Feb 1: Pakistan welcomed on Wednesday the World Trade Organisation’s decision to approve the European Union waiver of customs duty on 75 items from Pakistan.

The EU had sought for the waiver in October 2010 to help Pakistan recover from the effects of the devastating floods.

The EU’s imports of the 75 products from Pakistan are worth almost 900 million euros.

Commerce Secretary Zafar Mahmood told Dawn the package would go to the WTO general council for approval. “All formalities, including approval by the European Parliament, are expected to be finalised in March,” hr added.

“We highly appreciate the decision, which will culminate in the grant of generalised system of preferences plus scheme to Pakistan from 2014,” Mr Mahmood said.