KARACHI: Saqib Naseem, central chairman of the Pakistan Yarn Merchants Association (PYMA), and Muhammad Junaid Teli, vice chairman of the Sindh and Balochistan regions, have urged the government to reduce customs duty on synthetic fibers and eliminate anti-dumping measures as announced in the budget for 2021-22.
They claimed that the government stated in the budget for 2021-22 that the Customs duty on polyester yarn, the principal raw material used in the textile sector, would be decreased to 9%, but that after several months, neither the Customs duty nor the anti-dumping duty had been lowered.
PYMA office-bearers requested Prime Minister Imran Khan, Advisor on Trade and Investment Abdul Razak Dawood, and Finance Adviser Shaukat Tarin at the first meeting of the Managing Committee that the government fulfil its pledge to cut Customs duty on polyester yarn from 11% to 9%. Similarly, in the best interests of the textile industry, particularly SMEs, anti-dumping duties should be eliminated. According to Saqib Naseem and Junaid Teli, the prices of polyester yarn have risen due to increased oil prices, excess freight expenses, and a global container scarcity. As a result, the textile sector, particularly SMEs and power looms, is suffering from excessive expenses. They’re having trouble creating fabric, and it’s becoming increasingly difficult for them to run the machines.
According to PYMA office-bearers, 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 of continuing to work for SMEs and small businesses is nothing but a huge deficit venture.
PYMA office-bearers requested Prime Minister Imran Khan, Advisor on Trade and Investment Abdul Razak Dawood, and Finance Adviser Shaukat Tarin at the first meeting of the Managing Committee that the government fulfil its pledge to cut Customs duty on polyester yarn from 11% to 9%. Similarly, in the best interests of the textile industry, particularly SMEs, anti-dumping duties should be eliminated. According to Saqib Naseem and Junaid Teli, the prices of polyester yarn have risen due to increased oil prices, excess freight expenses, and a global container scarcity. As a result, the textile sector, particularly SMEs and power looms, is suffering from excessive expenses. They’re having trouble creating fabric, and it’s becoming increasingly difficult for them to run the machines.
According to PYMA office-bearers, 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 of continuing to work for SMEs and small businesses is nothing but a huge deficit venture.
