Textile industry in Pakistan has urged the Government to fast-track the fund releasing to disburse duty drawback to exporters against realization of export proceeds. The demands were made during a joint press conference of All Pakistan Textile Mills Association (APTMA), Pakistan Hosiery Manufacturers Association (PHMA), Pakistan Ready-made Garments Manufacturers and Exporters Association (PRGMEA) and Towel Manufacturers Association (TMA).
The industry bodies also want Government to release funds to refund sales tax against the already issued RPOs, and save the sector from a liquidity crisis.
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“Benefit of GSP+ from the European Union has been virtually nullified due to the Pakistan textile sector losing its competiveness in global markets,” said PHMA Chairman Adil Butt, adding, “The declining euro has hit the exporters hard and if the funds are released, it will provide succour to the textile export industry.”