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Customs duty on import of cotton yarn to be removed

25
Dec '09
Federal Minister for Textile Industry, Rana. M. Farooq Saeed Khan presided over the 2nd meeting of the Cabinet Committee on Textile to review the production, prices and domestic availability of Cotton Yarn.

Federal Secretary for Textile Industry Dr. Waqar Masood Khan briefed the meeting on the production trends, exports and availability of yarn for the value added export sector. After in-depth deliberation in which all factors were examined, it was decided that corrective measures are required to be taken urgently to provide a level playing field to all stakeholders in the textiles chain and need of all should be fulfilled in a competitive manner. The Cabinet Committee therefore, took the following decisions:-

- Exports of yarn will be allowed only against L/Cs and advance cash received through normal banking channels and following registrations of contracts with the Trade Development Authority of Pakistan (TDAP).

- Customs duty on import of cotton yarn falling under Chapter 52 of the Harmonized Tariff Schedule will be removed with immediate effect.

- The Cabinet Committee will keep the Yarn exports under review and may take corrective measures if exports cross the level of 50 million kg per month.

Meeting was attended by Mr. Nazer Muhammad Gondil, Federal Minister for Food & Agriculture, Ms. Hina Rabani Khar, State Minister for Finance, Mr. Zafar Mahmood, Secretary, Ministry of Commerce, Mr. Abdul Ghaffar Soomro, Secretary, Industries & Production, Mr. Muhammad Zia-ur-Rehman, Secretary, Food & Agriculture, Mr. Muhammad Saleem Khan, Secretary, Investment, Rao Manzar Hayat, Secretary, Industries Government of Punjab, Dr. S.M. Younus, Member, Planning Commission, Mr. Munir Qureshi, Member Customs, Federal Board of Revenue, Mr. Ahmed Hussain, Joint Secretary, Ministry of Finance, Mr. Tahir Hussain, Commissioner, Faisalabad and Mr. Mohid Ullah Shah, CE, TDAP and officers of Ministry of Textile Industry participated in the meeting.

The next meeting of the Committee will be held on 8th January, 2010.

Federal Minister for Textile Industry


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