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Ban on yarn export to be decided soon

ISLAMABAD: The Ministry of Textile Industry on Wednesday decided to present the proposal for ban on export of yarn or imposition of regulatory duty on export of yarn as proposed by the sector's representatives before the Cabinet Committee on Textile for formal decision. Federal Minister for Textile Industry Rana M Farooq Saeed Khan has assured that the present government is committed to resolve all textile related matters on priority basis and maximum efforts are underway to provide maximum assistance to boost the textile industry. He expressed these views while presiding over a meeting to discuss 'Emerging Trends in Cotton Yarn Markets' in the ministry. Different stakeholders related to the textile industry attended the meeting. During the meeting it was observed that cotton yarn prices have been increased up to 30 percent over the previous month and non-availability of yarn has become a major threat for the textile industry. Detailed discussions were held about the increasing cotton prices, availability of yarn in markets and their export. Stakeholders exchanged views openly. Garments' industrialists expressed deep concerns about increasing price of cotton and non-availability of yarn in the market. The federal minister said that the government is playing a vital role to boost the textile industry. He further said that we have made the best efforts to minimise the effects of ongoing energy crises in the textile sector. We are committed to implement first ever 'Textile Policy of Pakistan' with strong spirits, he added. Moreover, the minister listened comments and suggestions of the participants with deep concentration. He assured that the government will take legal action against holders and those who will be involved in betting. He further said that all highlighted issues, suggestions and ideas would be put up in the cabinet meeting on textile, which will be held on Friday (November 20, 2009) so that better solution of the issues may be found. He assured on this occasion that the ministry will provide full support and cooperation in this regard. staff report

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