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KARACHI: Pakistan Yarn Merchants Association (PYMA) has urged the federal government to cut the customs duty on polyester yarn and abolish anti-dumping as per announcement in budget 2021-22.
In a statement issued on Friday, PYMA Central Chairman Saqib Naseem said that the government had announced in the budget 2021-22 to reduce the customs duty at 9pc on polyester yarn, the main raw material of the textile industry. “However, after many months, neither the customs duty nor the anti-dumping duty has been reduced,” he added.
At the first meeting of the Managing Committee, PYMA office-bearers unanimously demanded to the Prime Minister Imran Khan, Advisor on Trade & Investment, Abdul Razak Dawood, and Finance Adviser Shaukat Tarin, that the government to fulfil promises in the best interest of the textile industry.
Usman, Khurshid Shaikh, Hanif Lakhany, Saqib Goodluck, Farhan Ashrafi, Jawed Khanani, Altaf Haroon, Noman Ilyas, Asif Amanullah, Behroze Kapadia, Shoaib Sharif, Rizwan Almas, Sohail Nisar and Rizwan Diwan also attended the meeting.
Saqib Naseem further said that the prices of polyester yarn have gone up due to rising oil prices, excess freight charges and shortage of containers in the global market. “As a result, the textile industry, small and medium enterprises, especially power looms, are suffering from high costs,” he added.
PYMA office-bearers added that the steady rise in production costs has forced SMEs and small businesses to consider whether to continue their production activities in the current dire economic situation, as the high cost, continuing to work for SMEs and small businesses is nothing but a loss-making.
