Yarn import is allowed from all over the world except India in response of their restriction on import of Pakistani products
KARACHI: Chairman – APTMA Sindh-Balochistan Region, Asif Inam Tuesday strongly condemned mala-fide propaganda of shortage and unavailability of yarn despite yarn import is allowed from all over the world except India in response of their restriction on import of Pakistani products.
In a statement, Asif Inam said that as per Customs data yarn is already imported from 59 countries. Their love for India despite the hostile attitude for Pakistani products is not understandable and the data is strangely fabricated to portray gloom and doom situation of slight decline in exports by comparing exports of 28 days February of 2021 with 29 days February of 2020 which was the leap year.
Asif Inam further said that the downstream industry is creating hue and cry of unavailability of cotton yarn even though they are availing all facilities which are not provided to the exporters of yarn including subsidized Export Refinance Facility, Duty Local Taxes and Levies (DLTL), etc. Moreover they are also allowed to import duty free cotton yarn under DTRE, Export Oriented and Manufacturing Bond Schemes if they find the local yarn expensive.
On the one hand downstream industry is claiming and pushing the government for long term policies and at the same time would like government interference to rescue them from any bad decision of forward selling of foreign exchange, not selling of foreign exchange and higher commodity prices all over the world due to relentless money printing by developed countries during COVID-19 which everybody has to dealt with.
Asif Inam urged the government not to allow import of cotton yarn, etc. from India until they restore normalization in trade with Pakistan.