He said it's a grave development for weaving and knitting sectors if the news reports are correct that Ministry of Commerce has approved a summary to reimpose Regulatory Duty on polyester filament yarn. He said polyester filament yarn is the basic raw material for downstream textile industry.
PYMA chairman strongly opposed this move because it is contrary to the government policy to make our industrial sector competitive. The vested interests are hell bent on making textile sector uncompetitive by giving unnecessary benefits to the local manufactures of polyester filament yarn.
He further added that the local yarn manufacturers hardly produce less than a third of the requirements of the industry and are unable to produce specialized yarns which are necessary for value addition.
Due to more than reasonable tariff protection (11 percent Customs Duty plus 2 percent additional customs duty), they have been making unprecedented profits as indicated in their financial statements for FY 2018-2019.
Saqib Goodluck, in his letters to, Adviser to PM on Finance Hafiz Shaikh, Commerce Minister Abdul Razak Dawood, Rubina Athar (National Tariff Commission) and all ECC members, urged to reject the summary of Commerce Ministry because extra protection of RD to the local manufacturers of polyester filament yarn would make our user industry very uncompetitive.