Pakistan Yarn Merchants Association (PYMA) has stressed the need for maintaining appropriate balance in cotton yarn prices across the country vis-à-vis prices of cotton yarn imported from India by imposition of 15 percent regulatory duty.
Talking to media persons here on Tuesday Central Chairman Khalil Qaisar Shamas, Zonal Chairman Muhammad Akram Pasha and Zonal Vice-Chairman Adnan Zahid Butt said that value-added textile forum in its appeal to the government has wrongly included our name as the Association has many times stated that regulatory duty on import of cotton yarn from India should be subjected to 15 percent. They said that our demand was not outright ban on import of cotton yarn but only imposition of regulatory duty to maintain appropriate balance in local and imported prices. They said that India was deliberately dumping its cheap cotton yarn in Pakistani market to destroy the textile industry base here by trying to erode our Industry and damage the economy.
Substantiating their argument they said India was providing various incentives to its exporters which included concessions in bank interest, cut in electricity tariff, reduction in transportation charges, refund of VAT and tax concessions which totalled up to rupees 27 per KG. With this reduced price India was dumping its cheap cotton yarn to capture Pakistani market. They further said this was evidenced by the fact that cotton yarn imported from India was 6500 tons in 2012 which exorbitantly rose to 30,000 tons in 2013 and were expected to touch 36,000 tons in 2014. They said they were not against import of yarn but not at the cost of home industry. Similar regulatory duties are imposed by the Government on dumping of chemicals from Korea, Taiwan etc.