Baig takes up cotton export issue with India

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ISLAMABAD – Dr. Mirza Ikhtiar baig, Advisor to Prime Minister on Textile met Indian High Commissioner Sharat Sabharwal along with Commercial Counselor R. K. Sharma here on Saturday to take up the issue of export of over 1 million cotton bales to Pakistan. As per APTMA, shipment of 400000 cotton bales has been stopped for which L/Cs have been already opened and contracts for the balance 600000 bales are also finalized for shipment in the month of December 2010 to February 2011. The Indian High Commissioner informed Dr. Baig that there has not been any restriction from Indian Government to stop the shipments and it’s a matter between the buyer and seller to settle price difference as most of the contracts are around 85 to 90 cents per pound whereas present price of the cotton in the int’l market is US $1.45 per pound. Dr. Baig will be visiting Delhi and would be meeting his counterparts to finalize a mechanism for smooth shipment of cotton from India to Pakistan as Pakistan is short of cotton production whereas neighbour India has over 9 to 10 million bales surplus for exports.

Indian High Commission also agreed to facilitate visas to the members of Consular Corps Sindh Karachi and Consular Corps Punjab Lahore who will be attending First FICAC South Asia Consular Conference in New Delhi from 15th to 17th Feb. 2011. Dr. Baig also discussed the participation of the Indian Textile Machinery Manufacturers at the 8th Int’l Textile Asia 2011 Exhibition to be held at Karachi Expo Centre.

(Source: http://dailymailnews.com/0111/16/Business/index.php?id=2)

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