PTEA Welcomes Decision Of European Parliament's Committee
Fakhir Rizvi Published February 22, 2018 | 01:00 AM
FAISALABAD, (UrduPoint / Pakistan Point News - 22nd Feb, 2018 ) ::Pakistan Textile Exporters Association (PTEA) has welcomed the European Parliament's International Trade Committee's decision that voted to approve continuity of preferential duties on exports for the next two years under Generalized System of Preferences Plus (GSP+) scheme for Pakistan.
In a statement here on Wednesday, Chairman Pakistan Textile Exporters Association Shaiq Jawed termed the approval from EU's committee for International Trade as a good sign for textile exporters and the economy as well.
He appreciated the Government's progress in promoting good governance and sustainable development that helped bring positive results of the second review of EU's preferential duties facility. GSP plus incentives helped Pakistan to build up its capacity to become more effective and competitive partner in international economics by opening new avenues of opportunities.
With this facility, not only Pakistan's market share had increased but exports to EU had also jumped from 4.
54 billion Euros in 2013 to 6.29 billion Euro, he added. GSP plus status had provided the Pakistan an opportunity to improve its relations with EU in terms of not only trade but also economic and political relations.
This had contributed to reduction of poverty and promotion of sustainable development and good governance by giving a boost to the trading industry, he added. Terming textile export sector as major beneficiary of duty waiver facility, he said that overall textile exports surged to 4.87 billion Euro in 2016 from 3.14 billion Euros in 2013, which represented an increase of 54.8 percent.
The exports of textile apparel and knitwear had grown from 1.4 billion euro to 2.47 billion Euros in 2016, indicating an increase of 76.4%. The second biggest share went to home textiles which surged to 1.56 billion Euros from 980 million Euros, representing an almost growth of 60%.
The export of cotton, fabric and yarn also increased from 739 million Euros to 805 million Euros increasing by 9 percent, he added. APP/aar/ia/zqr
Related Topics
Recent Stories
Govt bringing reforms in energy, revenue collection, SOEs: Aurangzeb
Pakistan, New Zealand to face off in 2nd T20I match at Rawalpindi today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 20 April 2024
Today Gold Rate in Pakistan 20 April 2024
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
More Stories From Pakistan
-
Transgender body recovered
1 minute ago -
Iranian Ambassador discusses details of President's visit with Mohsin Naqvi
1 minute ago -
Drug addict found dead
1 minute ago -
Commissioner stresses quality education aligning with modern trends
11 minutes ago -
992 criminals, 41 gangs busted in last 110 days
11 minutes ago -
CM directs Excise Dept to achieve recovery targets
11 minutes ago
-
Woman killed over domestic dispute
12 minutes ago -
Inquiry committee formed to probe leaking of Islamiat Paper
31 minutes ago -
All set for by-elections; tight security arrangements finalized in DI Khan
32 minutes ago -
Man dies in road mishap
42 minutes ago -
Registration of pilgrims under private Hajj scheme in progress with affordable packages: Ashrafi
52 minutes ago -
Met predicts cloudy weather, heavy rains in upper districts
1 hour ago