Textile ministry not to meddle in free market

ISLAMABAD: Coming to the rescue of the stakeholders associated with textile industry, the textile ministry has assured All Pakistan Textile Manufacturers Association that it would not meddle into free market, Geo News reported.

The ministry also assured APTMA of ridding industry of problems concerning with Value Added Tax.

According to textile ministry sources in Islamabad, APTMA and VAT sector meeting witnessed announcement of sustaining tax free trade, as it was pledged in Textile Policy for the current fiscal year.

Meanwhile, VAT sector warned government against dire consequences of free export of thread from country, fearing that this may result in shortage for country’s requirement later in the year.

The meeting lasted for many hours ended up in pledges and assurances. Chairman APTMA, Gohar Ijaz told media that if the government succeeded in keeping its words – allowing free import for textile industry – APTMA will be able to raise overall yearly import up to 400 million rupees.