To uphold country’s textile sector, the government is likely to announce a textile policy called National Textile Strategy in the middle of this month. Before finalizing the policy, the Textile Ministry has consulted all textile sector associations along with the Chamber of Commerce and Industry.
The ministry received recommendations for zero rating on import of textile machinery, zero rating exports, tariff reduction, nonstop energy supply to textile units. Along with this, issues related to market access and quality products with timely delivery and single digit mark up and special power tariff for the textile industry has also been recommended.
It has been suggested that the issues like duty-free market access to European Union and the US markets should be included in textile policy as Pakistan imports a huge amount of USA long staple cotton to the tune of $400 million to $500 million every year.