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Pakistan Textile Exporters Eye On EU GSP Plus Status |
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2013-10-30
Textile exporters have pinned their high hopes for a significant surge in textile exports after getting duty free access to EU following GSP plus status. Textile industry has the potential to double its existing 1.5 per cent share in global textile trade by reaping the benefits of GSP plus.
Sheikh Ilyas Mahmood, chairman and Adil Tahir, vice chairman Pakistan Textile Exporters Association (PTEA) said that 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 percent in next 4 years through value addition. Pakistan exports 2.7 billion dollar worth of yarn and 2.5 billion dollar worth of plain and dyed fabric annually to Bangladesh and other countries, which are benefiting from our raw material by adding value and export to EU.
Pakistan textile exports stand at 13.06 billion dollars in outgoing fiscal year, which is on rise in last five years despite the worse energy crisis scenario. In next 4 years, Pakistan textile industry will use its whole capacity to achieve the export target of 26 billion dollars as country is expecting GSP plus status in January and this free access to EU would help us to achieve this goal, they added.
PTEA Chairman Ilyas Mahmood also appreciated the Prime Minister stance for increased trade in his recent tour of USA and hoped that there will be a positive outcome of his tour and both sides will make quick progress on removing tariff barriers and other obstacles that hampered bilateral trade and investment. Pakistan is seeking tariff concessions and greater access to the US market in an effort to boost economic growth in coming years, he added. He is confident that value of Pakistan's exports to EU and USA can go up significantly. In this purpose government should facilitate the exporters in terms of utility supply round the year.
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 cent per annum, slightly higher than the 10.3 per cent annual growth in exports to the EU.
As a result, exports to the EU as a share of Pakistan's total global exports have declined from 30.8 per cent in 2003 to 28.4 per cent in 2011, a decline of 9.1 per cent nevertheless; the EU still remains Pakistan's largest export market, he said. PTEA office-bearer urged the government to complete its groundwork for GSP plus status to get full benefit from this passage of the waiver, the uninterrupted supply of gas and electricity to the industry should be ensured.
Source:Business Recorder
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