950805

Y A K O O B

05-8-1995

FCCI concerned

over anti-dumping

tariff by Japan

RECORDER REPORT

FAISALABAD: Faisalabad Chamber of Commerce & 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 for five years by Japan.

In a press statement issued here on Saturday President FCCI Haji Abdul Razzaq and Vice-President Cho Siddique Ali said, imposition of anti-dumping tariff will not only badly shake the Pakistani export sector but will also jolt the feeble and meagre textile spinning sector. They said, as a sequel to global recession cotton corp 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 these 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. They said, yarn export is the largest foreign exchange earning sector of Pakistan. 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 dissiminated a shock wave among the Pakistani yarn exporters.

They said, Pakistani economy cannot afford such mishap as it will ruin the export sector and will distort spinning sector. The modern world is proceeding rapidly towards the liberalization of the trade which is ultimate goal of WTO Decision to impose the anti-dumping duty on Pakistan is contradictory with the rules, regulation & objectives of the WTO, they said.

Suggesting the measures to tackle the situation they said, Pakistan is left with two options, either to retaliate in the same way by imposing the anti-dumping duty of Japanese viscose fibre, polyester and polyester fibre, or to resort finally to WTO. They urged the government to take right measures immediately to save Pakistani export sector and the textile industry.