The Economic Coordination Committee (ECC) of Pakistan on Wednesday approved to withdraw customs duty on import of cotton yarn till June 30 of 2021 to facilitate the textile sector, the finance ministry said here.
The top economic body took the step “to ensure smooth supply of cotton and cotton yarns to the value-added industry, while bridging the gap between domestic production and overall demand for the inputs,” a statement by the ministry said.
Shortly after the committee’s decision, Abdul Razak Dawood, advisor to Pakistani prime minister on commerce, textile, industry and production, and investment said on Twitter that regulatory duty on cotton yarn import was already withdrawn in December of last year.
“ECC has withdrawn customs duty on import of cotton yarns to facilitate the Value-Added exporters. This will be notified with the approval of the cabinet,” he added.