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Related Keywords: domestic PFY industry, issued an SOS, looms and knitting machines, not meet total demand of Pakistan, Pakistan Yarn Merchants Association, PYMA, reduce custom duty, save polyester filament fabric industry, suspended operations, urge government, weaving and knitting industry

Pakistan Yarn Merchants Association (PYMA) urge government to save polyester filament fabric industry from further disaster. In this regard, PYMA has issued an SOS (distress call) to Prime Minister Nawaz Sharif, Finance Minister Ishaq Dar, Commerce Minister Khurram Dastgir Khan and Special Assistant to Prime Minister for Revenue Haroon Akhter.

Related Keywords: all markets across the world, allow yarn imports, allowed under legal channel of import, documents against payments, letter of credit, meet requirement of local weaving and knitting industry, put fabric import from Dubai on the negative list, PYMA, save the local downstream industry, solve conflict over regulatory duty on PFY, urge government

To meet the three-fourth requirements of the local weaving and knitting industry, Pakistani government being urged by traders to allow yarn imports from all markets across the world. This will also solve the conflict over the regulatory duty on polyester filament yarn.

Related Keywords: budgetary increase in sales tax, cheap cloth export, damaging the local markets, demanding withdrawal, facing cheap yarn import, on yarn and cloth, Pakistan textile sector, Pakistan Yarn Merchants Association, PYMA

Textile sector is considered back bone of Pakistan economy contributing more than 50 percent of foreign exchange for the country and providing 40 percent employment is already heavily burdened and imposition of additional sales tax on yarn and cloth would further suppress the sector. Pakistan Yarn Merchants Association (PYMA) has rejected budgetary increase in sales tax on yarn and cloth to 3% and 5A% respectively from 2% and 3% previously as anti-trade and industry and termed it a drone attack on yarn and cloth business.

Related Keywords: demanded imposition, import of Indian yarn, Pakistan yarn merchant association, PYMA, regulatory duty of 15 percent

Having witnessed that Indian yarn import into Pakistan have quadrupled within six months impacting negatively on the Pakistan local market, Pakistan Yarn Merchants Association has demanded imposition of 15 percent regulatory duty on imports of cotton yarn from India.

PYMA zonal chairman Muhammad Akram Pasha and zonal vice chairman Adnan Zahid on Saturday, stated that during the six months of year 2014 July to December total quantity of yarn imported from India was Rs 15.8 billion while in the same period of preceding year the total import was Rs 4.2 billion.