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July 11, 2018
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Aptma demands withdrawal of SRO

Business

July 11, 2018

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LAHORE: The All Pakistan Textile Mills Association (Aptma) has demanded immediate withdrawal of SRO regarding imposition of Customs duty on cotton import, as, it would adversely impact the entire textile industry value chain, a statement said on Tuesday.

The caretaker federal government has withdrawn SRO No 48 and issued SRO No 847 effective from July 15, 2018, which imposes Customs duty on import of cotton at three percent and two percent additional Customs duty, Aptma Chairman Aamir Fayyaz said.

He recalled the association had earlier written to the caretaker federal government that the outgoing federal cabinet had held its last meeting late in the night on the very last day of its existence and tried to appease their constituencies in South Punjab and levied a premature customs duty on the import of cotton with effect from 15th July 2018.

The previous cabinet had set aside the normal procedure of taking the matter to the Economic Coordination Committee of the Cabinet before approval. The Textile Ministry had already said in its reservation that it should not be done at this stage. Fayyaz said that cotton prices are attractive for the farmers, as well as ginners at this point of time and there is no need for any market intervention. He lamented the caretaker government has endorsed the anti-industry decision of the previous cabinet and intervened the market to deter the competitive price factor.

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