The federal cabinet has ratified the decision of the Economic Coordination
Committee (ECC) to withdraw customs duty on the import of cotton yarn.
“In line with our policy to encourage value-added exports, the cabinet, in its
meeting today, ratified the decision of ECC to withdraw customs duty on
import of cotton yarn,” said Advisor to Prime Minister on Trade and
Investment Abdul Razak Dawood. “The notification will be issued in a few
days,” said the advisor.
Days ago, the ECC withdrew customs duty on the import of cotton yarns, in
order to facilitate the value-added exporters.
“Pleased to inform that on a summary moved by Ministry of Commerce,
ECC has withdrawn customs duty on import of cotton yarns to facilitate the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,” informed Dawood in a tweet post on Wednesday.
It is pertinent to mention that regulatory duty was already withdrawn in
December 2020 on the recommendation of the commerce ministry. “Now
the value-added manufacturers and exporters can import cotton yarns at
0% customs duty,” added Dawood.
Source: The Express Tribune, Pakistan Friday, 23 April 2021