Saturday April 01, 2023

PYMA seeks TDAP’s help

By Our Correspondent
February 03, 2023

KARACHI: Pakistan Yarn Merchants Association (PYMA) has asked the Trade Development Authority of Pakistan (TDAP) to play an effective role in getting the unfair regulatory duty and anti-dumping duty removed on polyester yarn.

A PYMA delegation met with TDAP Chief Executive Zubair Motiwala in this regard, and apprised him how the imposition of regulatory and anti-dumping duty on polyester yarn was harming the production activities of the textile industry, especially the small and medium enterprises (SMEs).

Motiwal assured the delegation of all possible support, and said that timely supply of raw materials to the industries was very important for the promotion of exports. He said he will continue to raise his voice to create and increase facilities for the industries so that the country's exports get a boost.

PYMA Vice Chairman Sohail Nisar said that production activities were severely hampered because polyester yarn, which was a basic raw material for the textile industry was not available as banks were not opening letters of credit. Also, he said that consignments were not getting cleared and materials were stuck at the ports, which was why industries, especially SMEs, were facing a severe crisis of raw materials. “A large number of containers loaded with imported polyester yarn were stuck at the ports and due to non-clearance of these containers, importers are facing huge financial losses due to heavy demurrage and detention,” Nisar said.