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Pakistan::Import duty reduction proposal with cabinet – textile
exporters to benefit in EU markets |
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2005-2-18
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The textile industry has been demanding reduction in import duties of certain raw materials and accessories. In order make exports competitive particularly for European Union markets, the government is mulling reduction of the import duties.
At present, Pakistan''s textile exporters have to pay 25.1 percent duty, which includes 13.1 percent anti-dumping duty and 12 percent normal duty. Once the reduction in duties on raw material is effected, exporters will be able to make a major breakthrough in EU markets.
The proposal is likely to be presented in the next meeting Economic Coordination Committee of the Cabinet for approval.
"We have taken the decision to review our duties and taxes structure to meet the challenges and opportunities textile industry is facing in the wake of elimination of textile quota from January 1, 2005," said an official.
The official said keeping in view the recommendations of ministries of Commerce and Textile Industry, CBR would reduce the duties and taxes to a considerable level on the raw material used for textile products.
Besides, the decrease the input cost of the textile products would certainly help textile exporters to compete Chinese and Indian exporters in EU market, he said.
Minister of Textiles Ch Mushtaq Ali Cheema has indicated that the government has taken the decision to ensure textile products become more competitive in the EU markets. |
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