Market access from the European Union under the Generalised System of Preferences (GSP) plus may create one million fresh jobs annually, as exports of every one billion dollar will bring one million new jobs to the industry. World textile trade comes around $710 million out of which the share of Pakistan textile industry is merely two percent, which is likely to increase by another one percent to 3 percent by 2018 once Pakistan qualifies for the GSP plus in December 2013.
The GSP plus facility is likely to increase exports to the EU by $1 billion per annum, which means one million jobs every year, said industry circles. According to industry circles, textile industry is on its front foot to assist the government in gaining market access from the EU under the GSP plus scheme.
At present, the number of international customers to Pakistan has reduced substantially and upcoming market access facility from the EU may bring a turnaround to the Pakistan economy.
The circles have pointed out that the industry would require $1 billion annual investment to produce export surplus after the GSP plus facility from the EU. They said the textile industry has a potential to generate billions of dollars from national economy subject to removal of irritants by the government.