Pakistan Apparel Forum Chairman Jawed Bilwani, criticising the government’s proposal of imposing additional duty on import of cotton yarn from India, said that there was already 5 percent import duty on the product, which should be withdrawn.
He alleged that this proposal on the behest of some large spinners having integrated units would greatly hamper cost of doing business of value added textile sector, the sector exports earnings stood at $11.49 billion yearly more than that of these spinners.
Spinners lobby always voiced vociferous support for free market mechanism and neither rein on imports of cotton yarn nor any duty on import of cotton yarn.
Value added textile sector would find it expensive to import yarn from India, which otherwise they could import if there was absolutely no duty imposed by our government thereby greatly enhancing their exports.
Value added textile sector will be unable to import cotton yarn from India owing to current 5 percent import duty and proposal of additional import duty, this will greatly increase their cost of doing business.
Value added textile export sector contributing more than 80 percent of total exports of country and generates employment around 38 percent of the total employment of industries needs protection.
Textile exports of Bangladesh stood at $24 to $25 billion despite the fact they did not grow cotton and import yarn.
Source:customstoday.com.pk
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