RD on yarn, fabrics: APTMA hails Dar for timely decision

All Pakistan Textile Mills Association (APTMA) Central Chairman Tariq Saud Monday appreciated Finance Minister Ishaq Dar, Haroon Akhtar, Special Assistant to the Prime Minister on Revenue and his team for their timely and prudent decision of protecting the domestic trade and industry from the dumping of highly subsidized import of textile products.
He said the textile industry, representing almost all the sub-sectors from yarn manufacturers to garments manufacturers, is grateful to the government for its timely and wise action. "An unchecked entry of dumped textile products was hurting the infrastructure of the basic textile industry of Pakistan by and large," he added. He said the government has averted the destabilisation of the infrastructure of basic textile in Pakistan. The growth of agriculture sector and the employment attached with it were also rendered vulnerable.
He has dispelled the apprehension that the entry of cheap yarn was beneficial to the value added textile sub-sectors, saying that entry of subsidized yarn at the cost of the employment of a large number of workforce in the basic textile sector, extensive damage to infrastructure and diminished immediate supply source had put to risk the viability of the value added sector as well.
He said the Finance Minister recognised the risk to domestic industry and has assured of restoring the viability of the textile industry by reducing the cost of doing business and reviving the competitiveness of the textile industry internationally. Tariq Saud expressed the hope that the government would resolve the pending issues including removal of electricity surcharge and Gas Infrastructure Development Cess for captive and processing use. Zero rating of taxes on exports and focus market incentives are also being expected by the textile industry, he added.
He lamented that some individuals, carrying the interest of commercial importers with zero share in value added exports, are creating unnecessary hue and cry on the steps taken by the government. "There should not be criticism for the sake of criticism and no one should overlook the national interest in any situation," he added. Chairman APTMA said the government has averted market imbalance by imposing additional 10 percent regulatory duty and the value added sector of textile industry having $10 billion worth exports has always been in favour of such measures.