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Textile sector eagerly awaits relief packages from Govt
12 Jan '07
1 min read
Before abolition of quota, textile exports of the country was US $8 billion and after elimination, the figure reached $10 billion, representing a hike of 21 percent.
Textile industry of the country is still waiting for relief packages from Government. While, competitors like China, Bangladesh and India have utilized this quota-free regime to their benefit and captured most of the market, Pakistan has failed to do so.
Textile industry invested about $6 billion since the start of the century for modernization and Up-gradation.
Even free import and export of basic raw material of cotton industry was allowed. Duties were also reduced from four to six percent to one percent.
With slow growth of textile industry, global textile experts are surprised as country was perceived to be most competitive country by the US Trade Department and WTO after elimination of textile quota regime on January 1, 2005.
Textile industry of the country is still waiting for relief packages from Government. While, competitors like China, Bangladesh and India have utilized this quota-free regime to their benefit and captured most of the market, Pakistan has failed to do so.
Textile industry invested about $6 billion since the start of the century for modernization and Up-gradation.
Even free import and export of basic raw material of cotton industry was allowed. Duties were also reduced from four to six percent to one percent.
With slow growth of textile industry, global textile experts are surprised as country was perceived to be most competitive country by the US Trade Department and WTO after elimination of textile quota regime on January 1, 2005.
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