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Yarn quota a provisional measure – Commerce Secretary

09
Mar '10
Mr Zafar Mahmood, Commerce Secretary
The 3rd International Technical Conference at Expo Center in Karachi, was jointly organized by Pegasus Consultancy and Textile Institute of Pakistan (TIP) along with the 8th Edition of MEGATECH Pakistan.

Zafar Mahmood, Commerce Secretary, speaking at the occasion said that, the yarn quota, imposed by a federal committee comprising of representatives from Ministry of Finance, Commerce, Economic Affairs and Agriculture, is a provisional measure taken to ensure enough availability of cotton yarn to the domestic value-added textile industry.

The situation of cotton yarn in the country is constantly being reviewed by the federal committee, which decides, relying on the demand and supply conditions, he stated and added that recently a ban has been imposed on export of jute by the Bangladesh government, to ensure availability of raw material to the local value-added jute sector.

He also divulged that globally there has been a hike in the prices of cotton and cotton yarn owing to increasing demand from China.

In Pakistan too, a historic hike has been seen in the prices of cotton and led by this development prices of cotton yarn also have gone up, he added. He further said that the yarn exporters exported around 70,000 tons of yarn, in violation of the limit of 50,000 tons per month fixed under the quota.

He while maintaining the quota to be just a temporary measure held that if it is continued for long it would lead to distortions in the industry. The committee is to meet shortly to review the matter and decide on the same, he added.

Earlier, at the conference, he had remarked that the country needs to upgrade itself to a value-added economy from being a cotton economy.

Fibre2fashion News Desk - India


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