Immediate approval process by EU is necessary, APTMA

08 Feb '12

2 min read

Chairman All Pakistan Textile Mills Association (APTMA) Mohsin Aziz has welcomed the WTO approval to market access of Pakistan's textile products in European Union (EU) for steering its economy out of negative affects of floods.

He said import duty exemption on 50 textile products out of a list of 64 items in the EU countries would contribute positively to Pakistan economy.

Chairman APTMA said Pakistan exported $4.7 billion products to EU last fiscal year, with major share of Germany and UK followed by Belgium and Spain.

He expressed the hope that Pakistan would benefit from this concession during last quarter of ongoing fiscal to the tune of $400-500 million with completion of approval process ahead.

According to him, there is an urgent need of expediting the approval process from the EU Parliament after the WTO.

Only an immediate and timely passage of the facility from the EU Parliament would serve the purpose and benefit Pakistan economy, he asserted.

Meanwhile, Chairman APTMA has also appreciated the sincere efforts of Ministry of Textile, Ministry of Commerce and Ministry of Foreign Affairs in archiving this facility for Pakistan's textile industry.

He further stressed the concerned ministries to address the outstanding issues of textile industry including energy availability, globally competitive bank mark up and efforts to encourage and induce new investment in textile industry for an increase of 35% in its exports. He said textile policy should be implemented in letter and spirit to encourage further investment in the sector.

All Pakistan Textile Mills Association (APTMA)

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