ISLAMABAD: Pakistan has earned $12, 735, 879 as foreign exchange from the export of textile products to various European, American, African and Asian countries in the last fiscal year 2015-16.
Whereas in the fiscal year 2014-15 the foreign exchange earned $12,967, 981 from the exports of textile products and tune of earning of foreign exchange from textile sector in the fiscal year 2013-14 was $12,390,255.
In this regard, the Ministry of Commerce (MoC) is quite satisfied with the earnings of foreign exchange from the export of textile products.
A well placed source at Ministry of Commerce (MoC) told Customs Today that Ministry of Commerce was quite focussed on exploration of new markets for Pakistani products around the globe as well as further strengthening existing trade relations with different trade partners.
In this regard, the source said that MoC was in the process of negotiating free trade agreement (FTA) and preferential trade agreement (PTA) with Thailand, Turkey and China (second phase). The Free Trade Agreements are also being pursued with Afghanistan, Iran, Jordan and Eurasian Economic Union.
These agreements once concluded will provide better market access to Pakistani products” the source added saying that Pakistan was regularly participating in major textile trade fairs like Heimtextile Europe, Heimtextile Russia and Zimbabwe International Trade Fair and others.
Moreover, the source said that Pakistan was also arranging country specific trade shows like Aalishan Pakistan in India and a Single Country Exhibition in Sri Lanka where textile products have a major share in display stalls.
“Texpo, Pakistan was held from April 7 to 10 in Karachi this year. Over 460 delegates from some 52 countries participated in the event” the source said adding that over 700 business to business meetings were held between Pakistani exhibitors and foreign international buyers of textile products. The source said that MoC and TDAP had estimated $700 million of business generation from TEXPO event
