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PYMA lauds ECC decision to withdraw customs duty on cotton yarns

PYMA lauds ECC decision to withdraw customs duty on cotton yarns

KARACHI: Hanif Lakhany, Vice President, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) & Senior Vice Chairman Pakistan Yarn Merchants Association(PYMA) and Vice Chairman Farhan Ashrafi & convener FPCCI’s Central Standing Committee on Yarn Trading, have lauded ECC decision to withdraw customs duty on cotton yarns, and said that ECC of the Cabinet withdrew customs duty on import of cotton yarns under PCT 5205, 5206 and 5207 till 30th June, 2021.

However, both officials called for the abolition of additional customs duties & regulatory duty on synthetic yarns for countering the negative effects of the Corona epidemic and to continue the production activities. They also reiterated demand to allow import cotton & cotton yarn from India

In a statement, Hanif Lakhany & Farhan Ashrafi said the ECC was commendable but the removal of additional customs duty & regulatory duty on synthetic yarns should also be abolished to support the textile industry, which is facing hurdles due to unavailability of raw materials and high prices. So immediate permission should be given for cotton & cotton yarn import from India.

“Due to low production of cotton in the country and huge increase in the price of cotton yarn in the local market, the cost of industrial production has gone up significantly. On the contrary, it is becoming more and more difficult to run industries, which may affect the delivery of export orders”, they pointed out.

Hanif Lakhany & Farhan Ashrafi requested the government to allow import of cotton & cotton yarn from India in the best interest of the economy to ensure timely fulfilment of export orders. Which will be warmly welcomed by the business and industrial community across the country.