Textile sector plans protest against cabinet decision
Presses govt to allow cotton yarn import from India
PHOTO: AFP
LAHORE:
The value-added textile sector of Pakistan has expressed its reservations about cabinet’s refusal to allow import of cotton yarn from India, saying that they are planning a protest in the coming days.
“According to the World Trade Organisation (WTO) laws, no one can object to trade with another country, the restrictions imposed by Pakistan on trade with India are based on political grounds, but if we allow imports of medicines from India, then why not cotton yarn,” questioned Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Patron-in-Chief Ijaz Khokhar.
Rising petroleum prices in the world market have increased prices of imported polyester yarn by 50 per cent during the current fiscal year. Reuters/File
KARACHI: Rising petroleum prices in the world market have increased prices of imported polyester yarn by 50 per cent during the current fiscal year.
Talking to
Dawn on Saturday, exporters and importers said that along with higher polyester yarn prices, an increase in shipping charges – by four times – is hitting their viability.
Imported polyester yarn is used in the valued-added textile sector on a large scale to produce silk-finished fabrics. Polyester yarn is also produced in the country, but the quantity is not sufficient to meet the demand.
The textile industry has termed it unfortunate that no concrete policy to enhance cotton production has been announced by the government while the price of cotton has soared to an 11-year high of Rs12,000 per maund.
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Pic: Shutterstock Pakistan Hosiery Manufacturers and Exporters Association (PHMA) zonal chairman Faisal Mehboob Sheikh recently lamented that the previous Textile Policy has failed to achieve its targets, including enhancing exports from $13 billion to $26 billion, doubling value-addition from $1 billion per million cotton bales to $2 billion and creation of 3 million jobs in five years. Sheikh said ad-hoc policies cannot benefit the country’s exports and the time has come to implement the long-term textile policy in letter and spirit. “It’s good news that after the expiry of last Textile Policy, the government has come up with a new policy, comprising new targets, incentives and recommendations while all stakeholders were also taken on board before the finalization of the new policy, which is a good sign for the economy and industry,” he was quoted as saying by Pakistani media reports.