Pakistan slaps 10% import duty on Indian cotton yarn

摘要

The import of cotton yarn from India by Pakistani textile companies is set to get costlier with the government announcing a 10% import duty coming into effect from November 1, 2015, according to media reports. Finance Minister Ishaq Dar announced the decision after holding a series of meetings with the All Pakistan Textile Mills Association (APTMA). He said that a regulatory duty of 10% would be levied on the import of cotton yarn and grey and processed fabric with effect from November 1, 2015. Mr Dar also held discussions with representatives of the value added sectors in Islamabad. Later, he told reporters about the different steps taken to resolve the problems being faced by the textile sector. These include reducing the Export Re-financing Facility (ERF) rate by 1% (100 basis points). The ginning and spinning sectors will qualify for Long Term Finance Facility (LTFF) and the rate of LTFF will be reduced by 100 basis points.