KARACHI: Hanif Lakhany, Vice President, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and Senior Vice Chairman Pakistan Yarn Merchants Association (PYMA) and Vice Chairman Farhan Ashrafi and convener FPCCI’s Central Standing Committee on Yarn Trading have lauded the ECC decision to withdraw customs duty on cotton yarns and said that ECC of the Cabinet withdrew customs duty on import of cotton yarns till June 30, 2021.

They called for the abolition of additional customs duties and regulatory duty on synthetic yarns for countering the negative effects of the corona epidemic and to continue the production activities.

Hanif Lakhany and Farhan Ashrafi said the ECC was commendable but the removal of additional customs duty and regulatory duty on synthetic yarns should also be abolished to support the textile industry, which is facing hurdles due to unavailability of raw materials and high prices.

So immediate permission should be given for cotton and cotton yarns import from India, they added.

“Due to low production of cotton in the country and huge increase in the price of cotton yarns in the local market, the cost of industrial production has gone up significantly. On the contrary, it is becoming more and more difficult to run industries, which may affect the delivery of export orders,” they pointed out.

Copyright Business Recorder, 2021