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Karachi, September 17, 2019 (PPI-OT): Muhammad Saqib Goodluck, Chairman, Pakistan Yarn Merchants Association (Sind and Baluchistan Region) has expressed his deep concerns over information of Re – Imposition of Regulatory Duty on Polyester Filament Yarn.
He said that if newspapers reports are to be believed, Ministry of Commerce has approved a summary to reimpose Regulatory Duty on Polyester Filament Yarn. This is a grave development for weaving and knitting sectors since polyester filament yarn is the basic raw material for downstream textile industry.
PYMA’s Chairman strongly opposed this move because it is contrary to the government policy to make our industrial sector competitive. The vested interests are hell bent on making our textile sector uncompetitive by giving unnecessary benefits to the Local Manufactures of Polyester Filament Yarn.
He further added that the Local yarn manufacturers hardly produce less than a third of the requirements of the user industry and are unable to produce specialized yarns which are necessary for value addition. Due to the more than reasonable tariff protection (11% Customs Duty plus 2% additional customs duty), they have been making unprecedented profits as indicated in their financial statements for FY 2018-2019.
Muhammad Saqib Goodluck, in his letters to, Mr. Hafiz Shaikh (Advisor to the PM on Finance), Mr Abdul Razak Dawood (Minister of Commerce), Madam Rubina Athar (National Tariff Commission) and all members of ECC, urged to reject the summary of Commerce Ministry because extra protection of RD to the local manufacturers of polyester filament yarn is totally unwarranted and this would make our user industry very uncompetitive.
For more information, contact:
Secretary General,
Pakistan Yarn Merchants Association (PYMA)
Business Centre, 8th Floor, Dunolly Road,
Karachi – 74000, Pakistan
Tel: +92-21-32410320
Fax: +92-21-32424896
Email: info@pyma.com.pk
Website: http://www.pyma.com.pk/