 The Ministry of Commerce (MoC) is not allowing the Karachi Cotton Association (KCA) to function and act as a regulatory body, says the well known cotton trader, columnist and director of KCA, Mr Ghulam Rabbani.
He was very forthcoming when he said, “KCA has provided the proposed document to convert KCA in to regulatory body, five years back, but the MoC is not acting on it”.
He said, KCA has proposed to act as a regulatory body for monitoring the cotton trade as in other countries like, China Federation of Trading Cotton, India Cotton Corporation, The New York Board of Trading and many such bodies in other countries.
He added by saying that, “There is no monitoring system, to keep an eye on seed quality and proper germination and no study has been done before sowing of seeds to learn about the after-effect and behavior of plants of the particular variety’s seed”.
He continued by saying, “In the absence of any monitoring body or government department to certify the seed, huge amounts of fake, low standard and uncertified seeds have been marketed ultimately hitting the cotton crop since 2003”.
“The MoC should also permit KCA to introduce futures trading in cotton as it will help millers, growers, ginners, traders and other stakeholders to consolidate their short- and long-term positions”, he concluded by saying.
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