A meeting of various stakeholders involved in Pakistan’s cotton business will be held on December 28 to deliberate and find a solution to problems being faced by the country’s cotton growers and ginners owing to continuous decline in prices of cotton and seed-cotton.
The meeting will be presided over by Minister of Textile Industry Shahabuddin and is likely to be attended by representatives of Pakistan Cotton Ginners Association (PCGA), All Pakistan Textile Mills Association (APTMA), Karachi Cotton Association (KCA), and the Trading Corporation of Pakistan (TCP).
The PCGA had earlier held a series of meetings asking the Government to initiate measures to stop further decline in the prices of cotton and cotton-seed.
The continuing fall in prices was affecting both cotton growers and ginners in the country, PCGA said, and requested the Government to order the TCP to procure cotton from the market.
However, when the Government was about to issue the notification, the KCA stepped in and opposed the measure calling it an intervention in the well-established free market mechanism.
Meanwhile, expecting that the TCP will begin buying cotton from the market and the subsequent rise in prices, both cotton farmers and ginners have stopped selling their inventory.