Wednesday , April 21 2021
Breaking News
Home / Breaking News / PM Imran Khan okays cross-border yarn import
PM Imran Khan okays cross-border yarn import

PM Imran Khan okays cross-border yarn import

ISLAMABAD:  Prime Minister Imran Khan has approved the cross-border import of cotton yarn.

Commerce Adviser Razak Dawood wrote on Twitter that PM Khan expressed his concern about the shortage and escalation of cotton yarn prices in the country during a meeting.

Dawood said the premier gave instructions to take necessary measures, including cross-border trade of cotton yarn, to keep the momentum of value-added exports.

Media reports say the government is considering the import of cotton from India to meet the demand.

Textile and clothing exports increased more than 8% to $8.8 billion in the seven months of the current fiscal years, read publication’s report.

According to traders, who called for duty-free imports of yarn from any country including India, the growth pace can slow down amid the shortage of raw materials.

The Pakistan Yarn Merchants Association asked the government to immediately allow duty-free import of yarn and cotton from India to save the textile industry from collapsing.

If export orders are not fulfilled in time, business will be adversely affected, the association said.

The association’s office-bearers said a large number of export orders from China, Bangladesh, and India were transferred to Pakistani exporters, which led to an increase in production activities.

Non-availability of raw materials

These days, however, the cost has risen sharply due to the non-availability of raw materials as per the demand of the textile industry and the high price of yarn.

The association, in a statement, said: “If we do not manage to import raw materials from other countries, including India, then export orders that have been transferred to Pakistan will not be fulfilled.”

“This will tarnish Pakistan’s image in the world and we will not get new orders.”

The traders demanded the government immediately lift duties on yarns and cotton and allow duty-free imports. With imports from India, freight charges come down and it takes less time.