Duty free access approved by European Union
Karachi: The European Union’s International Trade Committee has announced for duty-free access to European markets, which is a helping hand for the revival of Pakistan’s economical solutions.
Now finally the country is getting a whole scheme of trade discounts which will eventually increase Pakistan’s exports, mainly in Textile industry.
“Pakistan is expected to formally get the GSP Plus status soon after approval by the European parliament. This will be a big boost to our exports, especially to textile products,” said Jawed Bilwani, Chairman of Pakistan Apparel Forum.
According to the Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA), total textile exports to the EU can increase $580 to $700 million per year, a rise of 9.5% to 11.5% compared to fiscal year 2012-13 exports.
Under the trade preference scheme, import duties will be eliminated on more than 6,000 items that will strongly help Pakistan in one of the most competitive markets of the world.
Sub-sectors of textile like knitted and woven garments were expected to grow faster and their exports would raise $280 million annually, according to sources.