The International Cotton Association (ICA) ensure safe trading environment and protect the legitimate interests of both buyers and sellers has advised importers to trade the commodity under its by-laws and rules.
ICA President Mirza Salman Ispahani during his visit to All Pakistan Textile Mills Association’s (Aptma) headquarters on Thursday, said that 90 percent of the world cotton is traded under its by-laws and rules as the association has internationally recognised arbitration system and its awards can be enforced through courts in majority of the countries.
Aptma Senior Vice-Chairman Zahid Mazhar said that cotton crop has failed for the third consecutive year, but if the government adopts serious measures the country can produce 15 million bales, which was earlier achieved in 2014-15. There is also an urgent need to improve seed quality and other inputs for increasing crop yield.
Exports of cotton and its products earn up to 62pc of the total annual export proceeds of the country.
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