ISLAMABAD - Cabinet Committee on Textile Industry on Wednesday decided to remove customs duty on import of cotton yarn falling under chapter 52 of the Harmonized Tariff Schedule with immediate effect. Federal Minister for Textile Industry Rana Muhammad Farooq Saeed Khan presided over the 2nd meeting of the Cabinet Committee on Textile. The committee reviewed the production, prices and domestic availability of cotton Yarn. Federal Secretary for Textile Industry Dr. Waqar Masood Khan briefed the meeting on the production trends, exports and availability of yarn for the value added export sector. It was decided in the meeting that the Cabinet Committee would keep the yarn exports under review and may take corrective measures if exports cross the level of 50 million kg per month. It was also agreed in the meeting that exports of yarn would be allowed only against L/Cs and advance cash received through normal banking channels and following registrations of contracts with the Trade Development Authority of Pakistan (TDAP). After in-depth deliberation in which all factors were examined, it was decided that corrective measures are required to be taken urgently to provide a level playing field to all stakeholders in the textiles chain and need of all should be fulfilled in a competitive manner. Meeting was attended by Federal Minister for Food and Agriculture Nazar Muhammad Gondal, State Minister for Finance Hina Rabani Khar, Secretary Ministry of Commerce Zafar Mahmood, Secretary Industries and Production Abdul Ghaffar Soomro, Secretary Food and Agriculture Muhammad Zia-ur-Rehman, Secretary Investment Muhammad Saleem Khan, Secretary Industries Government of Punjab Rao Manzar Hayat, Member Planning Commission Dr S.M. Younus, Member Customs Federal Board of Revenue Munir Qureshi, Joint Secretary Ministry of Finance Ahmed Hussain, Commissioner Faisalabad Tahir Hussain and CE TDAP Mohid Ullah Shah and officers of Ministry of Textile Industry participated in the meeting. The next meeting of the committee will be held on 8th January 2010.