A meeting of the Trading Corporation of Pakistan (TCP), Pakistan Cotton Ginners Association (PCGA) and stakeholders was held and a decision to immediately start the delayed lifting of around one million cotton bales within a period of two days was taken.
To get an idea of what transpired at the meeting, fibre2fashion.com spoke to the Chairman of PCGA, Mr Chaudhry Muhammad Akram Jatt for his reaction. He said, “A meeting took place on December 15 with Chairman of TCP, where other persons were also present such as General Manager purchase TCP and Finance Manager TCP. It was decided that lifting of cotton would begin from December 16 at a price of Rs 32.02 per maund.”
He added by saying that, “Cotton ginners will dispatch their cotton to the warehouses of TCP, where an official from TCP will issue a receipt to the regional office & the cotton ginners would receive payment within four days. TCP has been given a target of lifting 1 million bales within 30 days.
The cotton ginners have been demanding for long market intervention by the state and finally the government seems to have relented to the same.
Fibre2fashion News Desk - India
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