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September 28, 2020

Export growth

Newspost

 
September 28, 2020

The textile sector is the cornerstone of the country’s economic growth. Easing the textile sector by giving some relief in import and export duties and rationalising the tariffs certainly give an upward jump to the sector. Due to the Covid-19 pandemic and world-wide lockdown, the textile sector faced a big crisis of zero or low production. The approval of the Economic Coordination Committee (ECC) on the removal of regulatory duties (RDs) and Additional Customs Duties (ACDs) on selected HS codes of the textile sector has lit up the path of prosperity for the sector.

It is important to understand that cost reduction and a decrease in duties will surely play a pivotal role in cementing the presence of ‘made in Pakistan’ items in the international market, which will lead to export growth. Other than all these positive decisions, textile manufacturers and exporters will like to request the relevant authorities to provide some relief to dyes and chemicals products as well and allow the removal of ACD from polyester filament yarn.

Umar Mehmood

Lahore