APTMA welcomes Regulatory Duty removal on yarn export

06 Aug '10

1 min read

Shahzad Ahmed, Chairman of All Pakistan Textile Mills Association (APTMA), appreciated the Cabinet Committee on Textile's decision of withdrawal of 15 percent Regulatory Duty on yarn export, as free market mechanism would support the entire chain of textile industry to acquire competitive stance.

The Chairman expressed delight over the Committee's decision, according to which, government will not interfere in the free market mechanism in terms of import and export.

The committee wishes free market mechanism and a level playing field for all the players in textile chain as well as no intervention in business affairs and in demand and supply mechanism in order to remove inefficiencies within each sector.

Interference in the functioning of market mechanism proves advantageous for one sector and disadvantageous for another. Also any kind of interference in the free trade mechanism would endanger farmers' prospects of achieving good returns and attaining the target of 20 million cotton bales by 2015, stated Ahmed.

This year, a bumper cotton crop is expected to produce as a result of farmers' hard work to reach higher crop levels.

Fibre2Fashion News Desk - India

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