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Wednesday, June 19, 2024

To safeguard its position, Pakistan has embraced preserving its (GSP)+ status

In a transformative shift, Pakistan’s textile industry is setting new standards for sustainability as global markets, particularly Europe and the US, intensify their scrutiny of imports. Environmental, Social, and Governance (ESG) factors have become paramount, with consumers and regulators demanding adherence to higher standards across the entire value chain.

Pakistan’s textile exports to Europe and the US have surged, attributed to its commitment to ESG practices. Embracing sustainability has become crucial for maintaining market access and preserving its Generalized System of Preferences (GSP) Plus status.

Pakistan has proactively embraced global ESG standards to secure its position in key markets and uphold its GSP Plus status. Europe and the US prioritize sustainability, making adherence to stringent ESG criteria essential for Pakistan’s export sustainability.

Transformation in Textile Industry:
Industry leaders are challenging the perceived high cost of sustainability initiatives and demonstrating how ESG compliance can enhance competitiveness. The Ministry of Commerce collaborates with international partners to improve labor rights, social standards, and environmental practices.

Company Initiatives:
Leading textile companies like MG Apparel, Sarena Textiles, Crestex, Interloop, etc., are driving sustainability initiatives. MSMEs in the textile sector are also focusing on improving working conditions and aligning with international standards to meet the demand for sustainable textiles.

Modernization Process:
Pakistan’s Textile Value Chain is undergoing significant modernization, with sustainable production becoming a critical success factor.

MSMEs are enhancing their sustainability goals and adopting ESG practices to remain competitive in the global market. Pakistan’s textile industry is undergoing a profound transformation, with a strong focus on sustainability to ensure long-term growth and competitiveness in the global market.

In response to the global emphasis on sustainability, Pakistan’s textile industry is evolving to maintain competitiveness. Initiatives focusing on enhancing ESG compliance, bolstered by support from both governmental and non-governmental organizations, are paramount in promoting sustainable practices throughout the value chain.

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