Pakistan cotton economy hit due to ICA biased trading rules

The Chairman APTMA S M Tanveer during his meeting with the International Cotton Association (ICA) President stated the awareness on the ICA rules and regulations and training of the cotton importers was an urgent need of the hour. The ICA rule 219 consisting of biased trading rules, has been affecting badly the local textile industry in terms of import of cotton from India.

Besides this he also discussed issues relating to shipment delays, quality assurance and defaulters in the ICA list which are presently being faced by the APTMA members in their day to day cotton trade.

He urged the visiting delegation to improve liaison with APTMA to resolve the issues on cotton trade. He also urged to initiate process of facilitation and mediation for resolving long outstanding issues concerning default of some member mills on ICA counters.

He also proposed signing up of a Memorandum of Understanding (MoU) by both sides to create awareness and impart training to APTMA members on cotton trade.

He said that the proposed expansion of cotton trade in the region can only be made possible through such initiatives.

The APTMA members showed keen interest in ICA rules and pledged to avail benefit from facilitation and mediation efforts of the two associations for safe trading environment.

President International Cotton Association (ICA) Jordan Lee said that Pakistan was very important market for the ICA in terms of cotton trade in future and it is therefore imperative to discuss and resolve the pertaining issues.

APTMA members are invited to attend the annual dinner of ICA at San Francisco in coming October.