Trading Corporation of Pakistan to procure 1 million bales to stabilize cotton rate

Multan: Prime Minister Syed Yusuf Raza Gilani has ordered the Trading Corporation of Pakistan (TCP) to procure one million bales to stabilize the cotton prices in local market and invited the delegation of Pakistan Cotton Ginners Association (PCGA) to call on him in Islamabad on December 19 (Monday) to set the support prices of seed cotton( Phutti)and ginned cotton. This decision was taken in the larger interest of the growers and ginners for early disposal of stock of 2 million bales.

Briefing the media men on Sunday Amanullah Qureshi, chairman of PCGA said that Prime minister had entertained their request and turned down the plea of APTMA. “We have asked the Prime minister to fix the cotton prices at Rs.6000/maund and Phutti at Rs.2500/maund.”

The delegation of PCGA to call on the premier will comprise on Amanullah Qureshi Chairman of PCGA, Vice Chairman Haji Mukhtar Ahmed Khan Baloch, Ex. Chairmen Haji Muhammad Akram, Haji Muhammad Ibrahim, Ex. Vice Chairmen Nawab Shehzad Ali Khan and Mahesh Kumar.

PCGA’s Central Executive Committee had sent an SOS appeal to Prime Minister Yousuf Raza Gilani to save the cotton growers and the ginners from financial losses as the textile millers have created a cartel to keep the prices at the lowest level in spite of the fact that New York and other markets prices are stable and higher than Pakistan.

It suggested that the government should ask the Trading Corporation of Pakistan to play its role as third buyer to break the cartel of the spinners, weavers and other textile millers.

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