ECC to take important decisions for reviving textile sector

LAHORE: The Economic Coordination Committee (ECC) is likely to approve the country’s five-year textile policy in its upcoming session on Thursday (tomorrow), citing sources, ARY News reported.

The five-year textile policy will be presented before the Economic Coordination Committee (ECC) in its forthcoming session to be held under the chair of Finance Minister Abdul Hafeez Shaikh tomorrow. The federal cabinet will give the final approval of the textile policy after it sails through the ECC.

The committee is likely to take important decisions for the textile sector including special measures for the restoration of closed textile mills.

Sources told ARY News that special allocations have been recommended for the revival of the textile industry including the provision of gas and electricity on a discounted prices.

Read: ECC approves additional cut in customs duties on 152 tariff lines

A special package has been planned for the establishment of new textile industries. Sources said that 200 mills had been closed during the previous tenure due to ineffective textile policy.

The federal government prepared a five-year textile policy over the directives of Prime Minister Imran Khan.

Earlier in February last year, the federal government had restored Rs20 billion subsidy to the textile mills in terms of the electricity dues charged by the power distribution companies on the directives of the premier.

In its previous session on January 6, ECC had approved a summary regarding the removal of additional 2pc customs duties on 152 tariff lines under National Tariff Policy 2019-24.

The summaries related to the Textile and Apparel Policy (2020-25) and National Freight and Logistics Policy (NFLP) had been deferred to the next ECC for a comprehensive consultation process with key stakeholders.