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Spinners seek reservations in EU package
25
Oct '10
More reservations have been demanded, by the textile spinning sector, for the trade concession package that has been recently announced by the European Union (EU). It has asked the Federal Ministry of Trade and Commerce to announce its future yarn export policy before implementing the package.

Duty-free yarn import will take its toll on the domestic textile value-added industry, claimed the industry. The textile production will increase by around $500 million in terms of value during the first year because of this package. This figure is likely to improve further in the coming years if a balanced export policy is developed, stated the All Pakistan Textile Mills Association (APTMA).

Last year, an incoherent export policy impacted the yarn export dramatically, which subsequently took its toll on the cotton production of the current year and created scarcity of raw material.

The implementation of EU package will ensure the availability of yarn in the domestic market, said APTMA, as yarn exports stood at $115 million this year which is expected to reach up to $150 million following the package implementation.

According to the factory owners, the European Union imports best-quality yarn which is different from the yarn imported by Italy and China. The spinning sector is expected to import cotton from the overseas market which will not lead to the scarcity of yarn in the domestic market.

For around 75 Pakistani products, the EU has offered import concessions. Yarn and grey fabric are among the most important products in the list.


Fibre2fashion News Desk-India


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