ISLAMABAD, Mar 01 (NNI): Prime Minister Shehbaz Sharif has taken notice of complaints regarding the Export Facilitation Scheme and has formed a committee to review the scheme.
According to sources, the committee will be headed by the Federal Minister for Planning and will comprise of the Minister for Finance, Minister for Commerce, and Chairman of the Federal Board of Revenue (FBR).
Other members of the committee include the Secretary of Commerce, who will serve as the secretary of the committee, and representatives from the private sector, including the Chairman of the All Pakistan Textile Mills Association (APTMA) and the Pakistan Textile Exporters Association (PTEA).
The committee has been tasked with making recommendations to improve the Export Facilitation Scheme within two weeks.
The development came after Chairman of the All Pakistan Textile Mills Association (APTMA), Asif Inam raised concerns over the misuse of the Export Facilitation Scheme (EFS), warning that it threatens domestic yarn manufacturing and could lead to widespread unemployment in the textile sector.
He emphasized that textile mills are being forced to shut down due to the influx of duty-free imports under the EFS, posing a risk to local industries.
Inam called for immediate action to protect the economy and the domestic textile sector from the detrimental effects of EFS misuse, urging the government to intervene.
Despite these concerns, Pakistan’s textile exports saw a 29.4% increase in August 2024, marking the highest level since June 2022, with $1.644 billion in exports compared to $1.271 billion in July. The textile exports for August 2024 were 12.8% higher compared to the same period in 2023. NNI
