In Question Hours, he said, Trading Corporation of Pakistan (TCP) had been directed to purchase the cotton from the farmers. The Minister said the government was committed to protect the interest of the farmers and TCP had started to purchase cotton from the farmers.
He said cotton yarn imports from all countries increased from 12 million Kgs to 23.9 million kgs during the first 8 months of currant financial year as compared to same duration of last year.
The Minister further said ministry of textile industry moved a summary to the ECC of the cabinet to withdraw SRO 15 (1) 2010 and restore import duty of 5 percent.
The ECC of the cabinet approved the said summary on April 17 and the federal board of revenue issued the SRO 326 (102014 on April 25.
Abbas Khan said that GSP Plus Status was granted with effect from January. He said textile exports had increased by 8.04 percent during July, March 2013-14 which shows better export of performance as compared to corresponding period of 2012-13.
He said the government has introduced a comprehensive textile package in the latest budget.