Following their meeting with the Federal Textile Minister, Ran Farooq Ahmad, All Pakistan Textile Mills Association (APTMA) has called off their two days in a week strike, but only for the time being.
Owing to imposition of 15 percent export duty on yarn exports by the Cabinet Committee of Textile, the Pakistan Yarn Merchants Association (PYMA) and APTMA, in opposition to this duty, had announced a twice-a-week strike till July 12, 2010.
In addition, yet another meeting will also be conducted between the federal textile minister and the garment sector, for demanding ban on exports of yarn.
Shakeel Ahmad, member of PYMA informed that, future actions will be taken once the result for the above-mentioned meeting is also known, as there needs to be an equal situation for all. In case there is no positive outcome of the meeting, then July 12, according to the associations, was just around the corner and the yarn exporters would soon turn defaulters in the global market.
Also, besides several Letters of Credit (L/Cs) hanging in mid-air, the yarn sector has also incurred 35 percent loss on the exports front.
APTMA and PYMA are expecting that, the meet between the federal textile minister and the garment sector will throw a positive light on all segments of the textile industry, thereby; help earn 62 percent of the overall export profits of the country.
Fibre2Fashion News Desk - India
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