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Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app
Download Now
Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app
Download Now
Government & cotton merchants advocate October 5 resolution
06 Jun '06
1 min read
For granting export permits Government and players in the cotton industry recently agreed to uphold the October 5 resolution that the levels of input supply to farmers should be the main criterion.
Although a few cotton merchants argued that export permits should be issued without pre-conditions.
A series of meetings were held between stakeholders and Government, and both parties agreed to stick to the resolution.
New players would be allowed to buy 5 percent of cotton merchants' purchases, either as lint or raw cotton.
All had agreed to stop buying directly from farmers. National Cotton Council (NCC) was authorized to provide support letters to new entrants as a prelude to obtaining licenses from the Ministry of Industry and International Trade and the Government, which are responsible for the registration of new players.
Latest development is likely give a boost to the cotton industry.
Production of cotton will increase from about 200,000 tons last year to 400,000 tons this season, earning the country close to US $140 million.
Although a few cotton merchants argued that export permits should be issued without pre-conditions.
A series of meetings were held between stakeholders and Government, and both parties agreed to stick to the resolution.
New players would be allowed to buy 5 percent of cotton merchants' purchases, either as lint or raw cotton.
All had agreed to stop buying directly from farmers. National Cotton Council (NCC) was authorized to provide support letters to new entrants as a prelude to obtaining licenses from the Ministry of Industry and International Trade and the Government, which are responsible for the registration of new players.
Latest development is likely give a boost to the cotton industry.
Production of cotton will increase from about 200,000 tons last year to 400,000 tons this season, earning the country close to US $140 million.
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