Pakistan’s textile industry has the potential to double its share in the global textiles trade from the existing 1.5 percent by reaping the benefits of the European Union’s (EU) Generalized System of Preference Plus (GSP+) status.
According to the Pakistan Textile Exporters Association (PTEA), the textile exporters of the country have pinned high hopes for a significant surge in textile exports after getting duty free access to countries in the EU following the GSP+ status, reports the Express Tribune.
Sheikh Ilyas Mahmood, chairman of PTEA, said the textile industry of Pakistan is expecting to finally get duty free access to EU in January next year and is planning to boost textile exports at least by 100 percent in the next 4 years through value addition.
Pakistan currently exports US$ 2.7 billion worth of yarn and US$ 2.5 billion worth of plain and dyed fabric annually to Bangladesh and other countries, which are benefiting by adding value to the raw material imported from the country and exporting finished goods to EU, he added.
The PTEA chairman said Pakistan’s textile exports stood at US$ 13.06 billion in the previous fiscal year, and is continuously rising since last five years despite the worst energy crisis scenario faced by the sector.
In the next four years, the textile sector of the country will use its whole capacity to achieve the export target of US$ 26 billion as the country is expecting GSP+ status in January and free access to the EU would help to achieve this goal, he added.
PTEA vice chairman Adil Tahir was of the view that EU is not only Pakistan's largest export destination and trading partner but it is also engaged with Pakistan in multiple levels of social and economic development activities.
The PTEA vice chairman urged Pakistani Government to complete its groundwork for attaining the GSP+ status so that the textile industry can get full benefit from it.