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KCA rejects PCGA demand to urge TCP to buy cotton
20
Dec '11
The Karachi Cotton Association (KCA) has rejected the demand made by the Pakistan Cotton Ginners Association (PCGA) urging the Government to issue orders directing the Trading Corporation of Pakistan (TCP) to purchase one million bales of cotton to bring stability to prices of cotton in the country.

The KCA said free trading in cotton is being successfully followed in Pakistan for the last 16 years and this policy would be negated if the TCP, a public sector organization, intervenes in the cotton market.

It said the TCP should not be allowed to intervene in the market in order to protect the interest of all those associated with cotton economy, including cotton cultivators.

In order to ensure price at par with global market rates to cotton growers and to provide a level playing field to all the stakeholders of the cotton economy, the KCA always supported free trading policy in cotton, i.e. a policy which allows for free export and import of cotton without any tariff or quantitative restrictions, the KCA statement said.

It added that the KCA believes that the price mechanism, demand and supply situation as well as exportable surplus should be allowed to be decided by market forces.

KCA requested the Government not to intervene in the country's cotton market through TCP and continue with the existing free trading policy with respect to cotton in the interest of all cotton stakeholders and the country's economy.

Fibre2fashion News Desk - India

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