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GSP Plus spurs growth of Pakistan's textile exports to EU
25
Jun '14
The Generalised System of Preferences Plus (GSP Plus) that was implemented from the beginning of this year has spurred the growth of Pakistan’s textile and apparel exports to the European Union in the first two months of 2014, Minister of Commerce Khurram Dastgir Khan has revealed.
 
In January-February 2014, the exports of textiles and apparel from Pakistan to the EU jumped by 30.68 percent to US$ 446.91 million, as against exports of $342 million made during the corresponding period of last year, the sector-wise trade analysis released by the Ministry of Commerce showed.
 
Likewise, home textiles exports from Pakistan to the EU showed a sharp rise of 28.15 percent to $274.47 million during the two-month period, compared to exports of $214.18 million in the same period of 2013.
 
During the same period, Pakistan’s carpet exports grew by 12.79 percent to $9.88 million, while the figure was $8.76 million in the comparable period of last year.
 
Minister Dastgir Khan said the substantial growth in Pakistan’s exports as a result of GSP Plus is the result of the successful economic diplomacy of the Nawaz-Sharif led Government.
 
Under its GSP Plus scheme, the EU granted duty-free access to Pakistani textiles for a period of 10 years. However, the continuation of the scheme is subject to periodical reviews to find out whether Pakistan is making progress on more than two dozen conventions of the United Nations related to human rights, labour rights, gender rights and freedom of expression.
 
Meanwhile, Pakistani textile and clothing enterprises have started investing in new machinery to make the most of the country’s GSP Plus status. In April 2014, Pakistan’s textile machinery imports skyrocketed by 130.07 year-on-year percent to $66.374 million, according to the Pakistan Bureau of Statistics.
 

Fibre2fashion News Desk - India


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