Pakistan Textile Exporters Association (PTEA) has welcomed the European Parliament's International Trade Committee's decision to approve continuation of preferential duties on exports for the next two years under Generalized System of Preferences Plus (GSP+) scheme for Pakistan. In a statement, chairman Pakistan Textile Exporters Association Shaiq Jawed noted the approval is a a good sign for textile exporters and the economy.
He was happy with the government's progress in promoting good governance and sustainable development which ensured positive results of the second review of EUs preferential duties facility. GSP+ scheme helped Pakistan to enhance capacity to become more competitive in international economics by opening new areas of opportunity.
Post this incentive, Pakistan's market share increased as well as exports to EU significantly rose from €4.54 billion in 2013 to €6.29 billion. GSP+ status had given Pakistan an opportunity to improve its relations with the EU in terms of trade as well as economic and political relations.
Shaiq Jawed explained this had contributed to reduction of poverty, promotion of sustainable development, ensured good governance and boosting the trading industry’s confidence. The textile export sector was a major beneficiary of duty waiver facility. Overall textile exports surged to €4.87 billion in 2016 when compared to €3.14 billion in 2013, recording an increase of 54.8 per cent. Exports of textile apparel and knitwear nearly doubled from €1.4 billion to €2.47 billion in 2016, an increase of 76.4 per cent. The second biggest share was taken by home textiles segment which rose to €1.56 billion as against €980 million, an increase of almost 60 per cent. Export of cotton, fabric and yarn also increased from €739 million to €805 million a rise of 9 per cent.