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Business

ECC approves removal of duties on selected items of textile sector

  • The advisor informed that notification will be issued after ratification by the Cabinet.
23 Sep 2020

The Economic Coordination Committee (ECC) on Wednesday has approved the proposal for the removal of duties on the selected segments of the textile sector under the National Tariff Policy 2019-24.

ECC, under the chairmanship of Advisor to Finance Dr. Abdul Hafeez Shaikh, approved the proposal for removal of Additional Customs Duty (ACD) and Regulatory Duty (RD) on selected HS Codes of the textile sector, including synthetic fibers, wool, and vegetable-based fibers.

“This is in pursuance of our policy for cost reduction by reducing all duties, on raw materials as well as intermediaries, and an essential part of promoting industrialization under ‘Make in Pakistan’ and ensuring export-led growth,” said Advisor to PM on Trade Abdul Razak Dawood.

The advisor informed that notification will be issued after ratification by the Cabinet.

“This decision will enable our exporters to widen their product range, capture more of the synthetic market and improve our competitiveness,” he said

Dawood added that the Ministry of Commerce will now do the same in other sectors like leather, engineering, chemicals, pharma, and food etc.