Pakistan to Cancel Import Duty on Cotton Yarn

According to the news from Pakistan, the Cabinet Textile Commission of Pakistan held meetings to decide to cancel 5 percent import duty on cotton yarn, for the purpose of stimulating the import volume of cotton yarn and meeting domestic high added-value textile enterprises' demand on yarn.

Under the circumstance of high added-value enterprises' appeals to the government to restrict the export of domestic cotton yarn, which fiercely opposed by spinning enterprises, the Pakistan government released the aforementioned policy, which provides a justice environment for production and competition to all the textile enterprises and meets the requirements of all entities' interest.

According to the Pakistan official, the government will continue to pay attention to cotton yarn export. For instance, if the export volume exceeds 50,000 tons, the government will concern to take relevant measures for adjustment.

At present, the Pakistan government stipulates that the cotton yarn can be released for delivery after its export contract obtaining the credit or advance payment items, and with record filing in National Development and Trade Agency.