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Registration of cotton export contracts resumed

03 August, 2012

ISLAMABAD: The Trade Development Authority of Pakistan (TDAP) and the State Bank of Pakistan (SBP) have announced the resumption of registration of cotton export contracts.

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ISLAMABAD: The Trade Development Authority of Pakistan (TDAP) and the State Bank of Pakistan (SBP) have announced the resumption of registration of cotton export contracts.

Pakistan Cotton Ginners Association (PCGA) and Karachi Cotton Association (KCA) had pressured the government to recommence registration of cotton export deals. They also warned the government that Pakistan would lose exports and farmers may not achieve reasonable returns if any delay in exports occurred.

"The decision by the TDAP and the SBP is expected to boost cotton exports, foreign exchange earnings and may improve domestic cotton prices ultimately improving the per acre yield of the cotton farms," Ihsanul Haq, an executive member of the PCGA said adding that this year due to the pressure from a powerful lobby, TDAP unlawfully declared the Export Policy 2009 null and void and refused to register cotton export agreements resulting in suspension of all cotton exports; causing a deflationary pressure on the prices with apprehensions of a decline in earnings of the cotton farmers.

However after protests by the PCGA and the KCA and the Ministry of Commerce, the TDAP and the SBP announced to restart registration of cotton export consignments on Wednesday.

End.


 
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