The Bilateral Investment Treaty (BIT) between Pakistan and US will not only pave way for direct investment by American companies but also provide much needed market access for Pakistani textile products, said Federal Minister for Textile Industry Chaudhry Mushtaq Ali Cheema.
Talking to newsmen after distributing items of daily use at subsidised rates by the Utility Stores Corporation (USC) in Jinnah Colony, Mushtaq Cheema said Pakistan had some reservations about different clauses of the proposed BIT and negotiations were underway to sort out differences. He added that the investment would also create new job opportunities in addition to catalysing the economy.
About the size of recent cotton crop, Mushtaq Ali Cheema said though it was small as compared to the last crop, yet it would be sufficient to meet the domestic needs.
About contamination free cotton, he said the textile ministry had launched a "Clean Cotton" project. Under that project, the government would give premium of Rs 50 per maund to cotton growers. Similarly, the factories adopting clean practices would also get a premium at the rate of Rs 30 per maund.
Responding to a question about his ministry, he said it had played major role in the redressal of the problems confronted by the entire stakeholders of textile chain. He, particularly, mentioned anti-dumping duties on Bed Linen exports to the European Union (EU) and said due to prudent handling of Pakistan government, the average rate of anti-dumping duties had been reduced from 13.1 to only 5.8 per cent. "Faisalabad will particularly get much relief from this reduction", he said and added it would also help Pakistan to increase its exports to the European countries.
About shortage of sugar, he said that that crisis would be over within next couple of days as more steps were in the pipeline to control the price hike. He also appreciated the role of Utility Stores Corporation in providing items of daily use at subsidised rates to masses.
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