Pak withdraws customs duty on cotton yarn import

Pak withdraws customs duty on cotton yarn import

Islamabad, (Asian independent) The Economic Coordination Committee (ECC) of Pakistan has approved to withdraw customs duty on import of cotton yarn till June 30 to facilitate the textile sector, the Finance Ministry here said.

The top economic body took the step “to ensure smooth supply of cotton and cotton yarns to the value-added industry, while bridging the gap between domestic production and overall demand for the inputs” Xinhua news agency quoted the Ministry as saying in a statement on Wednesday.

Shortly after the committee’s decision, Abdul Razak Dawood, advisor to the premier on commerce, textile, industry and production, and investment, said on Twitter that regulatory duty on cotton yarn import was already withdrawn in December last year.

“ECC has withdrawn customs duty on import of cotton yarns to facilitate the Value-Added exporters. This will be notified with the approval of the cabinet,” he added.