Business

Pakistan: Textile exporters pin hopes on EU GSP plus status

Sheikh Ilyas Mahmood, chairman and Adil Tahir, vice chairman Pakistan Textile Exporters Association (PTEA) said that the textile industry is expecting to finally get duty-free access to EU in January next year and is planning to boost textile exports at least 100 % in the next four years through value addition. Textile industry has the potential to double its existing 1.5 % share in global textile trade by reaping the benefits of GSP plus, the industry believes.

Adil Tahir was of the view that EU is not only Pakistan's largest export destination and trading partner; it is also engaged with Pakistan in multiple levels of social and economic development activities. Pakistan's exports to the world have risen by 12.5 % per annum, slightly higher than the 10.3 % annual growth in exports to the EU.