Textile Briefs National

1.  The EU extension of the Generalized System of Preference (GSP) Plus till 2022 would help Pakistan boost up its textile exports by US$ 500 million on per annum basis said Adviser of PM on Commerce Abdul Razak Dawood.

2.  All Pakistan Textile Mills Association (APTMA) Punjab Chairman Adil Bashir urged the government to freeze the interest rate on loans and requested the State Bank of Pakistan to ask banks to suspend interest on long-term and working capital loans and advances till June 30.

3.  The ECC approved a supplementary grant of Rs30 billion for the Ministry of Commerce allowing it to payback duty drawbacks to textile exporters in the current financial year to improve their liquidity position as businesses are experiencing a slow down amid coronavirus-led lockdown.

4.  Commissioner Multan Shan-Ul-Haq gave approval to 29 textile factories to continue work by ensuring precautionary measures against coronavirus. According to a notification, Commissioner, Shan-Ul-Haq said that it has been decided to provide relief to the textile industry in section 144.

5.  Prime Minister of Pakistan Imran Khan has accorded approval to the country‚Äôs textile policy 2020-25 under which the textile exports will be jacked up to US$ 28 billion in five years' time by 2025.

6.  After the economic crisis caused by the Coronavirus, foreign buyers cancelled or suspended US$ 1.3 billion worth of textile products from Pakistan, textile industries have demanded from the government for emergency measures.

7.  The Federal Board of Revenue (FBR) said that it has released refunds worth Rs56 billion through the Fully Automated Sales Tax e-Refund (FASTER) system to help exporters combat the impact of coronavirus on their businesses and liquidity issues.

8.  Pakistani Ambassador designated to Denmark Ahmad Farooq said Faisalabad should further enhance textile exports to explore new opportunities for the export of frozen vegetables to Denmark.

9.  The textile exports from the country during July-March (2019-20) were recorded at US $10.41 billion against the exports of US$ 9.99 million in July-March (2018-19), showing growth of 4.24%, according to the PBS data.

10.  Addressing the business community in Faisalabad Chamber of Commerce & Industry (FCCI), Ahmad Farooq said both the countries could also launch joint ventures for value addition.

11.  Pakistan was also among the 20 countries most affected by the global effects of China's slowdown through global value chains. The slowdown of manufacturing in China due to the Coronavirus could result in a US$ 50 billion decrease in exports across global value chains.


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