950805

FCCI concerned

at imposition

of anti-dumping

tariff by Japan

FAISALABAD: The office-bearers of Faisalabad Chamber of Commerce and Industry (FCCI) has expressed grave concern over the imposition of anti-dumping tariff upto 9.9 percent on Pakistan's 20 single counts of yarn by Japan.

In a press statement President FCCI, Haji Abdul Razzaq said the imposition of anti-dumping tariff will not only badly shake the Pakistani export sector but will also jolt the meagre textile spinning sector. They said, as a sequel to global recession, cotton crop failure and tough competition in the international market, textile export sector of Pakistan is already confronted with a serious and abysmal crisis.

The export of cotton yarn is the largest foreign exchange earning sector of Pakistan. Owing to the above mentioned factors the export of cotton yarn has gone down by 11.8 percent in the term of quantity during the period of July-May 1994-95 as compared to July-May 1993-94.

The other side of the picture is exhibiting the massive closure of the spinning mills.

He said almost 35 percent of total cotton yarn in Pakistan is exported only to Japan while it caters for 70 percent of the Japanese market.

The decision of Japanese government has disseminated a shock wave among the Pakistani yarn exporters, he added. He said that Pakistani economy cannot afford such mishap as it will ruin our export sector and will distort our spinning sector.

Suggesting the measures to tackle the situation, he said, Pakistan is left with two options, either to retaliate in the same way by imposing the anti-dumping duty on Japanese viscose fibre, polyester and polyester fibre, or to resort finally to World Trade Organization (WTO).

He urged upon the government to take right measures immediately to save Pakistani export sector and the textile sector.-PPI