Commodity traders in Pakistan were slightly relieved Monday after All Pakistan Textile Mills Association called off spinning industry’s strike to protest against 15% regulatory duty on the export of yarn.
Strike was called off after APTMA leadership met with Prime Minister of Pakistan Syed Yousuf Raza Gilani.
Declaring the end of strike, APTMA Chairman Ejaz Gohar said the government has shown willingness to address textile industry’s grievences immediately.
Prime Minister Syed Yousuf Raza Gilani assured the APTMA delegation government would ensure that all the obstacles facing textile industry is resolved as soon as possible. He said government would listen to each sector of textile industry to understand their challenges.
The Prime Minister announced a detailed meeting of the high level government officials including cabinet committee on textile, the State Minister for Economic Affairs, Defence Minister and former minister for trade and Advisor to Prime Minister on Finance with all the stakeholders of textile industry in Islamabad soon.
During the meeting, Ejaz Gohar briefed the prime minister on the harmful consequences of the imposed 15 percent regulatory duty on the export of all kinds of cotton yarn. He also informed the prime minister of other challenges of the textile industry, which is the backbone of Pakistan’s economy.
Ejaz Gohar representing the APTMA delegation explained the unavoidability of the strike saying that APTMA never favours strikes but the 15 percent regulatory duty cannot be afforded by the textile industry of Pakistan.
Hundreds of containers worth $80 million loaded with yarn ready to export are still stuck at the port after the imposition of the 15 percent regulatory duty.