Islamabad: Pakistan’s textile industry gets a boon after the European Parliament’s decision to grant Islamabad GSP-Plus status.
Experts believe that the move will create additional one million jobs in the textile sector while textile exports will get an additional boost of an estimated $2 billion a year.
Yesterday, the European Parliament approved a legislation under which 10 countries including Pakistan are entitled to Generalized System of Preferences (GSP) Plus Scheme.
Under the scheme, 20 percent of the textile products from Pakistan can be exported to European markets duty-free while 80 percent products will attract preferential duties.
The scheme will become effective from January 1, 2014 and will remain in effect till 2017.
Textile exporters say that the move will help Pakistan to double textile exports to $26 billion in the next four years.