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Related Keywords: EU consist of textile and clothing, European Union, Group of Italian Senators, GSP Plus status, Italian textile industry hit hard, not to support Pakistan’s attempts, Pakistan exports, renew its Generalised System of Preferences, urged Minister the Foreign Affairs and International Cooperation and Economic Development

A group of Italian Senators have urged their Minister the Foreign Affairs and International Cooperation and Economic Development not to support Pakistan’s attempts to renew its Generalised System of Preferences (GSP) plus status given to Pakistan in the European Union.

European Union (EU) granted GSP Plus status to Pakistan in 2013, which made Pakistani products duty-free in the European market.

Related Keywords: allows twenty percent of Pakistani exports, ate up export value, Bangladesh, duty benefits extended to Pakistan, enter the EU at zero duty, European Union, GSP Plus status, huge potential in home textiles, including home textile, seventy percent at preferential rates, unable to expand market share, volatile currency exchange rate

Bangladesh has huge potential in home textiles but unable to expand its market share in the European Union because of duty benefits extended to Pakistan. In December 2013, the 28-nation bloc granted Pakistan the GSP Plus status for four years. The GSP Plus status allows 20 percent of Pakistani exports, including home textile, to enter the EU at zero duty and 70 percent at preferential rates.

Related Keywords: access to business opportunity, Belinda Lewis, British Business Centre, Deputy High Commissioner of the Great Britain, enhance bilateral trade, FPCCI, GSP Plus status, not impact the United Kingdom-Pakistan trade relations, Political changes after Brexit poll, signing of FTA top priority, UK third largest importer of Pakistani goods

Political changes after Brexit poll will by no means impact the United Kingdom-Pakistan trade relations and signing of free trade agreement (FTA) for enhancing bilateral trade is their priority, said Deputy High Commissioner of the Great Britain Belinda Lewis during a meeting with regional chairman and vice president Mian Rehman Aziz of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday.

Related Keywords: across value chain, APTMA, BMZ, continue supporting Pakistan textile industry, German Ministry for Economic Cooperation, GIZ, global challenges to textile exports, GSP Plus status, sign declaration of intent, SPC with the technical support, sustainable textile industry, website launched to create awareness on Sustainable Production Centre

The All-Pakistan Textile Mills Association (APTMA) has signed a Declaration of Intent (DoI) for a sustainable textile industry across the value chain with the German Ministry for Economic Cooperation (BMZ) on Thursday.

APTMA Punjab Acting Chairman Syed Ali Ahsan and Country Director GIZ Dr Ulrike Reviere signed the DoI on behalf of their respective organizations. A website www.spc.org.pk was also launched to create awareness on Sustainable Production Centre.

Related Keywords: apparel export industry, blow to South Asian nation, Brandix, expected to experience downfall, fast-changing global trade environment, found design to deliver supply chain, GSP Plus status, Joint Apparel Association Forum, Sri Lankan garment exporters, Sri Lankan textile exports, US led TPP trade pack, Vietnam

Sri Lankan textile exports are expected to experience a downfall because of the U.S. led Trans Pacific Partnership (TPP) trade pact. Competition from TPP signatories such as Vietnam could deal a blow to the South Asian nation's apparel export industry, which currently employs half a million Sri Lankans and provides 44 percent of all manufactured goods exported by the country.

Related Keywords: APTMA, GSP Plus status, Quaid-e-Azam Apparel Park, see availability of RLNG, substantial drop in energy cost, to invest heaving on setting denim units, Top three textile groups from Pakistan, value added textile industry

Pakistan's top three textile groups seeing the availability of Re-gasified Liquid Natural Gas (RLNG) from the month of March onward have invested heavily on setting up denim units. Fresh investment has started holding ground in the value added textile industry with a substantial drop in energy cost, which is likely to reduce further in next three months.

Related Keywords: duty on local textile products, GSP Plus status, increase global textile share, incumbent regime allowing Indian yarn imports at 5 percent, Pakistan losing opportunity, Pakistani market a dumping ground, Pakistani yarn exported to India pay 28 percent duty, rise in exports, rising cost of doing business and energy shortage

Pakistan has lost an opportunity for increasing the global textile share, which in turn would have created thousands of jobs and a rise in exports worth billions of dollars. The Pakistani global textile share has fallen from 2.2% to 1.8%, while at the same time, the Indian global textile share rose from 3.4% to 4.7% and that the Bangladeshi global textile share rose from 1.9% to 3.3%.

Related Keywords: declining economic growth, EU duty free entry, eyeing to set up factories in PEZA, facing difficult to continue business, GSP Plus status, Japanese Chamber of Commerce and Industry of the Philippines, Japanese companies, labor strikes, set up bases in China, to relocate in Philippines, wage increase

Many Japanese companies that have set up their bases in China are facing difficult to continue doing business due to declining economic growth, labor strikes and wage increase. They want to relocate their bases in the Philippines.

This coincided with Philippine, President Benigno Aquino III’s state visit to Japan, which concluded Friday, June 5. The Philippine president, during his 4-day visit, repeatedly invited Japanese investors to put their money in the country, citing improved business climate.

Related Keywords: Danish Company, EU delegation, GSP Plus status, in skill development, meet Punjab Chief Minister, Pakistan textile exports, potential to generate electricity, promotion of cooperation, Shahbaz Sharif, shortage of electricity, strengthening economic and trade relation, to discuss matter of mutual interest

Pakistan has strong and friendly relations with the countries of European Union. A representative delegation of European parliament called on Punjab Chief Minister Shahbaz Sharif on Friday to discussion matters of mutual interest, strengthening of economic and trade relations and promotion of cooperation in skill development, health, education and other sectors.

Shahbaz at the meeting told the EU delegates that Pakistan’s textile exports had increased by one billion dollars after the country was granted GSP Plus status, which has left a positive impact on national economy.

Related Keywords: capacity building in textile sector, economic turnaround of Pakistan, GSP Plus status, Pakistan textile sector, second fastest growing economy, Turkey

Turkey can play an important role in economic turnaround of Pakistan being the second fastest growing economy of the world after China. The textile sector has traditionally been the biggest sector of the Pakistan economy. Studies and surveys confirm that its contribution in total exports are almost 60 percent and it engages almost 38 percent of manufacturing labour force to acquire more than 46 percent share in overall manufacturing. In the context of having won the GSP Plus status, the need of technology improvement and capacity building in textile sector of Pakistan has become necessary.