Interviews
Foreign Minister for release of cotton to Pakistan by Indian Govt
17 Jan '11
2 min read
Pakistan Foreign Minister Shah Mahmood Qureshi, on the request of Ministry of Textile Industry and All Pakistan Textile Mills Association (APTMA), has asked the Indian government to ensure early shipment of one million cotton bales of Pakistani importers stuck up in India since last three months due to the 'doctored default' by Indian exporters, reluctant in fulfilling the contractual obligations.
Minister for Textile Industry Rana Farooq Saeed and Chairman APTMA Gohar Ejaz called on the Foreign Minister and apprised him of the matter and hardships facing the textile industry on account of delay in the shipment of one million cotton bales subsequent to intervention in cotton trade by the Indian government.
In October 2010, the Indian government made it mandatory for all cotton exporters to obtain Registration Certificate for export despite the fact that India had an exportable surplus of about 8 million bales, they briefed the Foreign Minister.
Most of the contracts with Indian exporters took place in September 2010 for shipment in November 2010 at around the price range of $0.80 to $1.00/lbs, they said, adding: Pakistan imports 3.5 to 4 million bales of cotton annually out of which about 1.5 million bales are imported From India.
The Indian government released a quantity of 5.5 million bales to be exported from November 1, 2010 till December 15, 2010. It is important to point out that the price of raw cotton in the international market increased from $0.80 to about $1.45/lbs during this period. The condition for Registration Certificate has given the Indian suppliers an opportunity to back out from the cheaper contracts on the pretext that they could not obtain certificates within the stipulated time.
Chairman APTMA Gohar Ejaz stressed the point that APTMA is not interested in pursuing the option of arbitration before the International Cotton Association (ICA) and expects a positive gesture from India on reciprocity basis after permission of onion exports to India by the Pakistan government.
Chairman APTMA urged the Foreign Minister to convince the Indian government for shipment of stuck up cotton of Pakistani importers on priority basis.
The Foreign Minister Shah Mahmood Qureshi telephoned his Indian counterpart to look into the matter besides sending him a written communiqué.
Minister for Textile Industry Rana Farooq Saeed and Chairman APTMA Gohar Ejaz called on the Foreign Minister and apprised him of the matter and hardships facing the textile industry on account of delay in the shipment of one million cotton bales subsequent to intervention in cotton trade by the Indian government.
In October 2010, the Indian government made it mandatory for all cotton exporters to obtain Registration Certificate for export despite the fact that India had an exportable surplus of about 8 million bales, they briefed the Foreign Minister.
Most of the contracts with Indian exporters took place in September 2010 for shipment in November 2010 at around the price range of $0.80 to $1.00/lbs, they said, adding: Pakistan imports 3.5 to 4 million bales of cotton annually out of which about 1.5 million bales are imported From India.
The Indian government released a quantity of 5.5 million bales to be exported from November 1, 2010 till December 15, 2010. It is important to point out that the price of raw cotton in the international market increased from $0.80 to about $1.45/lbs during this period. The condition for Registration Certificate has given the Indian suppliers an opportunity to back out from the cheaper contracts on the pretext that they could not obtain certificates within the stipulated time.
Chairman APTMA Gohar Ejaz stressed the point that APTMA is not interested in pursuing the option of arbitration before the International Cotton Association (ICA) and expects a positive gesture from India on reciprocity basis after permission of onion exports to India by the Pakistan government.
Chairman APTMA urged the Foreign Minister to convince the Indian government for shipment of stuck up cotton of Pakistani importers on priority basis.
The Foreign Minister Shah Mahmood Qureshi telephoned his Indian counterpart to look into the matter besides sending him a written communiqué.
All Pakistan Textile Mills Association (APTMA)
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