The EU extension of the Generalized System of Preference (GSP)
Plus till 2022 would help Pakistan boost up its textile exports
by US$ 500 million on per annum basis said Adviser of PM on
Commerce Abdul Razak Dawood.
All Pakistan Textile Mills Association (APTMA) Punjab Chairman
Adil Bashir urged the government to freeze the interest rate on
loans and requested the State Bank of Pakistan to ask banks to
suspend interest on long-term and working capital loans and
advances till June 30.
The ECC approved a supplementary grant of Rs30 billion for the
Ministry of Commerce allowing it to payback duty drawbacks to
textile exporters in the current financial year to improve their
liquidity position as businesses are experiencing a slow down
amid coronavirus-led lockdown.
Commissioner Multan Shan-Ul-Haq gave approval to 29 textile
factories to continue work by ensuring precautionary measures
against coronavirus. According to a notification, Commissioner,
Shan-Ul-Haq said that it has been decided to provide relief to
the textile industry in section 144.
Prime Minister of Pakistan Imran Khan has accorded approval to
the country’s textile policy 2020-25 under which the textile
exports will be jacked up to US$ 28 billion in five years' time
After the economic crisis caused by the Coronavirus, foreign
buyers cancelled or suspended US$ 1.3 billion worth of textile
products from Pakistan, textile industries have demanded from
the government for emergency measures.
The Federal Board of Revenue (FBR) said that it has released
refunds worth Rs56 billion through the Fully Automated Sales Tax
e-Refund (FASTER) system to help exporters combat the impact of
coronavirus on their businesses and liquidity issues.
Pakistani Ambassador designated to Denmark Ahmad Farooq said
Faisalabad should further enhance textile exports to explore new
opportunities for the export of frozen vegetables to Denmark.
The textile exports from the country during July-March (2019-20)
were recorded at US $10.41 billion against the exports of US$
9.99 million in July-March (2018-19), showing growth of 4.24%,
according to the PBS data.
Addressing the business community in Faisalabad Chamber of
Commerce & Industry (FCCI), Ahmad Farooq said both the countries
could also launch joint ventures for value addition.
Pakistan was also among the 20 countries most affected by the
global effects of China's slowdown through global value chains.
The slowdown of manufacturing in China due to the Coronavirus
could result in a US$ 50 billion decrease in exports across
global value chains.