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GSP Plus boosts Pakistan's textile exports

The GSP Plus facility has helped boost Pakistan’s textile export orders by 30 per cent. An increase in textile orders to Pakistan suggests that European buyers want to take advantage of the GSP plus facility to Pakistan. Accordingly, Pakistan has revised its growth rate from 3.6 per cent to 5.1 per cent for 2013-14. It hopes to raise textile exports from $13 billion to $26 billion per annum in the next five years. The country will invest an estimated $5 billion in weaving and processing textile projects in the proposed textile integrated parks.

So beneficial has been the effect of the GSP plus status that it may shift the textile business from Vietnam to Pakistan in the years ahead. Germany in particular wants more cooperation with Pakistan and feels this can be ensured by removing impediments in export credit guarantees, by improvement in the security situation, vocational training for skill enhancement, energy supplies and implementation of social compliances by Pakistan.

Pakistan in turn hopes German brands like Puma, Adidas, Marc O’Polo, Hugo Boss, and Tom Tailor see Pakistan as a sourcing destination. It also seeks help for ventures under buy back arrangements of semi manufactured technical textiles with Germany.

 
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