Pakistan textile exports to EU reached $1.74 billion mark during Jan-April 2014

Pakistan textile remained the major beneficiary of the Generalized Scheme of Preferences (GSP) Plus arrangement. During January-April 2014, Pakistan textile exports to the EU increased to $1.74 billion from $1.44 billion during the same period in 2013.

The EU has given the GSP Plus facilities to three new countries including Pakistan from January 1, 2014 and will end on December 31, 2016. Exports to the EU increased by 17 percent in the first five months of 2014. During the period under review, exports of clothing and textiles and home textile sector of Pakistan increased by 7 percent.

Pakistan’s total exports to the European Union may be increased by more than $1.5 billion at the end of 2014 due to grant of Generalized Scheme of Preferences (GSP) Plus status. During the January-April 2014 exports to the EU increased by $333.18 million, as per recent data released by the European Commission.

According to official sources, due to the Pakistan China Free Trade Agreement (FTA), trade volume between the two countries stood at $13 billion in 2013, while it is expected to reach $15 billion by 2015.

After the implementation of FTA in 2007, considerable improvement has been seen in its ranking.