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APTMA discards extension of RD on cotton yarn export
Jul '10
The value-added sector's demand to continue with the 15 percent regulatory duty on cotton yarn exports has been abandoned by All Pakistan Textile Mills Association (APTMA).

Shahzad Ahmed, Chairman APTMA, urged the Ministry of Textile Industry to clarify by virtue of an announcement that, the regulatory duty of 15 percent will be withdrawn on July 26, 2010, and free trade mechanism will be brought back as per its commitment. The rumour that APTMA has agreed upon any restrictions on exports of yarn beyond July 26, 2010 was also dismissed by Ahmed.

More so, Ahmed also pointed that, spinning mills were currently incurring huge losses owing to minimal availability of cotton, which would have been avoided that the quota or Regulatory Duty on yarn not been levied. The imposition of the quota or duty created ambiguity, which further prevented the spinning mills from importing cotton, even during surplus supply.

Currently, owing to imposition of the 15 percent regulatory duty on cotton yarn, spinning mill owners were forced to buy domestic cotton from New Crop, at 10 – 15 percent higher rates than global and have to also sell yarn at a lesser price than the global prices.

Ahmed concluded by saying that, Pakistan's credibility was slowly diminishing owing to frequent changes in policy and the chances of running a business in the face of ambiguity is almost nil.

Fibre2Fashion News Desk - India

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