Sheikh Abdul Mannan, Chairman, The Textile Traders Association (TTA) has stressed the need for fully availing the preferential market access by the EU countries for textile products under the GSP Plus scheme in order to bridge the trade as well as current account deficit (CAD) which has contracted by 27 percent to $11 billion during the first 10 months of the current fiscal year due to favourable policies of the government.

Mannan revealed that the Textile Policy 2014-19 is addressing the issues of all the sub-sectors of value-chain by laying down a comprehensive plan for the sustainable growth for the industry. He reiterated that the country aims to enhance exports to $30 billion by 2020. Though the target may appear ambitious but only value-addition to 13 million bales per year that Pakistan produces can help us achieve it.

The public-private partnership initiative for labor law compliance would result in enhanced compliance to international standards. This would help maintain the GSP Plus status as well as enhance business productivity and sustainability.

Mannan applauded the government for imposition of regulatory duties and banning furnace oil imports. He also lauded the new rules governing imports of used vehicles that have reduced the import bill during the period under review. He added that the challenge for the government lies in reversing the declining trend in exports, which have declined 2 percent to $21 billion despite massive devaluation of almost 40 percent in the rupee’s value during the last 10 months and special incentives for export-oriented sectors including textile.