Reacting to protests from the value-added textile sector, the Cabinet Committee on Textiles decided that the trends in exports of cotton yarn would be closely monitored and all future contracts indicating volumes and value would henceforth need to be registered with the Trade Development Authority of Pakistan (TDAP).
The value added textile sector like apparels and home textiles were demanding a halt to unprecedented and uncontrolled exports of cotton yarn, which apart from creating a shortage had also led to a flare up in prices by 25-30 percent in the last few days.
It seems the Cabinet Committee on Textiles has for the time being deferred the decision to impose export duty or imposing ban on export of yarns, but has decided to review the yarn availability situation in the next meeting that will be held after 15 days.
The meeting was attended among others by the Federal Textile Minister, Mr Rana Muhammad Farooq Saeed Khan, Minister for Finance Shaukat Tareen, State Minister for Finance Hina Rabbani Khar, Federal Minister for Food and Agriculture Nazar Muhammad Gondal and high officials of the Ministry of Textile Industry and Finance.
Fibre2fashion News Desk - India
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