Pakistan Yarn Merchants Association zonal chairman Muhammad Akram Pasha has demanded the imposition of 15 percent regulatory duty on imports of cotton yarn from India, saying that during the six months of year 2014 July to December total quantity of yarn imported from India was Rs 15.8 billion.

However, in the same period of preceding year, the total import was Rs 4.2 billion, he said talking to the media. Thus within six months, the import of Indian yarn quadrupled, impacting negatively on the local market. He said India was trying to sabotage the Pakistani yarn market and spinning sector by dumping heavily subsidized yarn exports from that country. They explained that Indian government was giving various incentives and subsidies to its exporters enabling them to dump their cotton yarn in Pakistani markets. The imports of cotton yarn from India were thus destroying the textile sector of Pakistan.

He said that textile was backbone of Pakistani economy which was earning more than 50% of total foreign exchange for the country. Furthermore huge number of textile industries and value added chain were connected with the spinning sectors and yarn market, he said.

Source:- customstoday.com.pk