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Textile Briefs National.

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1. Commerce Ministry officials of China's Eastern port city of Weihai and the All Pakistan Textile Mills Association have signed a Memorandum of Understanding to explore the potential of joint ventures and investment opportunities in textile sector of the two nations during the visit of a 20-members Chinese delegation to Pakistan.

2. Despite initial growth in exports to the European market after acquiring the GSP Plus facility to export duty free products, Pakistani exports have started declining to EU countries since last July owing to persistent appreciation of Pakistani currency against Euro, said Former Finance Minister Dr Hafeez A Pasha.

3. Pakistan became the 4th largest importer of Indian yarn by January 2016 after China, Bangladesh and Turkey averaging $14million/month between November 2015 and January 2016.

4. A major chunk of Pakistan's exports during the year comprised textile and garments constituting 54% of the total shipments, but their share in world exports was only 4%. There were a number of exogenous and endogenous factors behind the below-par performance, the ECC was told.

5. Pakistan and Sri Lanka both failed to fully utilize the FTA that came into effect in 2005 due to which bilateral trade remains range bound with an average of $350 million for the last six years. The Trade Development Authority of Pakistan (TDAP) Secretary Rabiya Javeri Agha said that it aims to double its exports to Sri Lanka in a year's time effectively using the duty concession under the Free Trade Agreement (FTA) from the current $267 million to $500 million.

6. Turkey's Commercial Counsellor has signalled his country's interest in joint ventures with Pakistan in printing, security systems, building materials, construction services and textiles.

7. Federal Minister for National Food Security and Research Haji Sikandar Hayat Bosan said that the government was striving to reduce cost of production on agriculture for farming community to improve their profit-earning capacity.

8. Tariq Saud, Chairman, All Pakistan Textile Mills Association (APTMA) has requested the Prime Minister of Pakistan to remove the tariff rationalisation surcharge (TRS) and adjust the Rs 3 per unit reduction in the industrial tariff.

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Publication:Pakistan Textile Journal
Geographic Code:9PAKI
Date:Feb 29, 2016
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