PSYMA delegation meets Federal Advisor Textiles

A 16 members delegation of Pakistan Silk Yarn Merchants Association (PSYMA)  met Federal Advisor on Textiles, Dr Mirza Ikhtiar Baig and discussed withdrawal of anti-dumping and custom duty on polyester yarn to improve the supply of man-made yarn. The members apprised Dr Baig that only  two to three local companies are manufacturing polyester yarn in Pakistan and to have the monopoly they have managed anti-dumping and custom duty ranging from 3% to 21% on the imports of polyester yarn mainly from Thailand and Korea. This has affected the growth in the use of polyester yarn in the value added textile sector and  heavy reliance on 100% cotton yarn.

The members also attributed present yarn crises due to government’s restricting import of polyester yarn for value added sector by imposing higher tariff. Federal Advisor Textile, Dr Baig explained PSYMA that in all the competing countries use of polyester yarn and cotton yarn is equal, whereas  in our country, use of polyester yarn is only 23% and the rest 77% is on cotton yarn. Dr Baig  informed that he has already taken this matter with the Federal Minister and Secretary Commerce and Chairman and  Member Customs FIR and recommended them them to withdraw anti-dumping and custom duty on import of polyester yarn to bridge the gap  of  demand and supply of yarn in the country. Dr Baig advised PSYMA members to apply for review petition to remove anti-dumping and custom duty on import of polyester yarn.

PSYMA delegation thanked Dr Baig for his efforts for the textile industry of Pakistan. Prominent members attended the meeting;  Abdullah Hameed of Habib Silk,  Hanif Lakhany of Qasimi Industries,  Anwer Aziz of Iqbal Silk Mills, Nasir Hayat Magoon of Al Riaz,  Shafquat Amin of Sohni Weaving and Mohammad Tanveer of Nigar Fabrics.