PTEA demands continuation of DDT incentive for further three years

FAISALABAD: Pakistan Textile Exporters Association (PTEA) has demanded continuation of Duty Drawback of Taxes (DDT) incentive for further three years to boost the value added textile exports and uplift the economy.

In a statement here on Thursday, Chairman PTEA Mian Shaiq Javed said that DDT incentive has positively impacted as textile exports recorded a 7.7 per cent growth year-on-year to US$ 9.99 billion in the first nine months of 2017-18.

As a result of growth-led initiatives of the Government, country's exports surged by 13.1% in July-March 2017-18 over the corresponding period of last year, he said, adding that the main driver of growth was the value-added textile sector as exports of ready-made garments went up 12.56% during the period in value and 12.85% in quantity while those of knitwear edged up 14.12% in value and 3.52% in quantity during these nine months.

He said that exports of bed wear went up 4.99% in value and 3.16% in quantity; whereas exports of made-up articles, excluding towels, increased by 7%.

He termed the positive growth in exports as a welcome sign for economy.

He urged the government to continue DDT scheme for further three years. This will generate 10% annual growth in value added textile exports and would add US$ 1.5 billion in each year, he added.