Pakistani textile ministry headed by PM Imran Khan has recommended the lifting of a ban on the import of cotton from India to fill the gap the country was facing in the raw material sector, as per the report released on Tuesday.
According to the official statement, “the Ministry of the Textile Industry has sought permission from the Economic Coordination Committee (ECC) of the cabinet to lift the ban on the import of cotton and cotton yarn from India. They also claimed that they have already submitted the summary report to the ECC more than a week ago on the matter of lifting ban on cotton and yarn cotton from India.”
Further adding, “for the formal approval, coordination committee’s decision will be presented before the federal cabinet. It is necessary for the country to lift the ban as the textile industry was facing the severe loss and this can help to bridge the shortfall.”
In May 2020, Pakistan lifted the ban on import of medicine and raw material from India to ensure there is no shortage of essential drugs amid the pandemic. This was the first step of reversing the complete suspension of trade with India.
Due to the shortage faced by the users of cotton and yarn, the producers were forced to import them from the US, Uzbekistan and Brazil. As per the experts, importing cotton from India would be far cheaper for Pakistan and would also help Pakistan to surpass economic losses due to the textile industry. Importing cotton and yarn from other countries not only cost higher but also take one to two months to reach Pakistan while on other hand importing them from India take probably three to four day.
Pakistan imposed a trade ban on India after New Delhi revoked the special status of Jammu and Kashmir in 2019, Pakistan has been trying to put the issue of ‘Jammu and Kashmir special status & bifurcating it into two UT” to the international platform and grabbing the international support against India. However, it was unsuccessful attempts.
Click here for more Business News