Aptma hails decision to revise duty drawback rates for PSF-based textile goods

All Pakistan Textile Mills Association (Aptma) has welcomed the ECC's decision of upward revision of duty drawback rates of Polyester Staple Fiber (PSF) based textile goods.
Chairman, Aptma, M. Waqar Monnoo, in a press statement issued on Tuesday appreciated the decision of the Economic Co-ordination Committee (ECC) for agreeing in principle to effect upward revision of duty drawback rates of PSF based textile goods on deemed import prices of PSF.
He lauded the favourable recommendations made by Minister for Commerce, Humayun Akhtar Khan and Secretary Commerce Tasneem Noorani. He on behalf of the association members assured the government that the textile entrepreneurs, who had been under immense pressure owing to abnormal cut in duty drawback rates of PSF based products were now confident to achieve/surpass the export target of 13.7 billion dollars as projected for the year 2004-2005.
He mentioned that he along with a team of senior industrialists including Shafquat Ellahi Shaikh, Mian Muhammad Jehangir, Anjum M. Saleem, Arif Saeed, Mian Jehangir Monnoo, Javed Siddiqui and Khurshid Monnoo held a meeting with the commerce minister and apprised him of the genuine concerns of the sector.
In response, the minister paid due attention to the issue and gave serious consideration to it, he added. His favourable decision had enabled the exporters to come out of the crisis and uncertainty started by the time the rates of duty drawback slashed drastically, he maintained.
He also appealed for the immediate issuance of a formal notification in support of the decision taken by the ECC and hoped that new rates of duty drawback of PSF based textile goods would soon be notified, reflecting current market prices of PSF on deemed import basis.