FAISALABAD: Textile exporters are pinning their hopes on a significant increase in exports after winning duty-free access to European Union (EU) markets.
Industry players say they have the potential to double their existing 1.5% share in global textile trade by reaping benefits of the EU’s Generalised Scheme of Preferences (GSP) Plus status.
In a statement issued here on Friday, Pakistan Textile Exporters Association Chairman Sheikh Ilyas Mahmood and Vice Chairman Adil Tahir said the textile industry expected to get duty-free access to EU markets in January next year and was planning to boost exports by at least 100% in the next four years through value addition.
“Pakistan exports $2.7 billion worth of yarn and $2.5 billion worth of plain and dyed fabric annually to Bangladesh and other countries, which take benefit of our raw material by adding value and export finished products to the EU,” they said.
Pakistan’s textile exports stood at $13.06 billion in the previous fiscal year and had been on the rise for the last five years despite crippling energy shortages.
In the next four years, the textile industry would utilise its entire capacity to achieve the export target of $26 billion as the country was expected to win GSP Plus status in January, they added.
Published in The Express Tribune, October 26th, 2013.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.