ISLAMABAD - The government is all set to announce new textile policy prior to budget for the next financial year 2009-10, an official source told TheNation on Friday. The draft of the textile policy is ready and would be put up before the federal cabinet soon for approval. The government has set the textile exports target $ 25 billion in the new policy for the next five years, already announced by Advisor to Prime Minister on Finance and Economic Affairs Shaukat Tarin in last months press conference, the official said. The draft of the policy was ready but the ministry wanted to take recommendations from all the stakeholders. He also said that the government had received a number of recommendations, including zero rating on import of textile machinery, zero rating exports, tariff reduction, incessant energy supply to textile units. He also informed that issues relating to market access, quality products with timely delivery, single digit mark-up and special power tariffs for textile industry had also been recommended in the policy. It has been suggested that textile policy might include the issue like duty-free market access to the European Union and the United States, he added. The textile sector is the major contributor to the overall exports of the country and providing large number employment opportunities to the people but it is facing tough time at present as due to high interest rates and power shortage. Most of the textile mills are not operating even. Due to high interest rates and prevailing energy crisis, the exports target of $11 billion, set for the current financial year, for textile sector is unlikely to be achieved. A senior member of All Pakistan Textile Mills Association (APTMA) while talking to TheNation said, We are only demanding of the government to ensure uninterrupted power supply and cut down interest rates. We have met Power Minister and Textile Minister in this regard.