Cotton prices: ECC refuses to intervene in free market mechanism
APTMA appreciates ECC decision of letting market forces define cotton prices.
LAHORE:
Chairman All Pakistan Textile Mills Association (APTMA) Mohsin Aziz welcomed the Economic Coordination Committee (ECC) decision of supporting the free market mechanism and letting market forces define cotton prices in the country.
Pakistan Cotton Ginners Association (PCGA) had earlier urged Prime Minister Yousaf Raza Gilani to ask the Trading Corporation of Pakistan (TCP) to intervene in the free market mechanism and buy one million bales of cotton lint at Rs6500/bale to bail out farmers.
However, APTMA had opposed any such intervention. The ECC was informed that only a small stock of cotton, that is less than 10 percent, was lying with the growers and any intervention at this stage would neither be practical for cotton market nor would benefit the growers. Accordingly, the ECC declined PCGA’s request in its latest meeting.
Aziz appreciated the ECC for refusing to intervene and discouraging the opportunists who were misguiding the government. He said that APTMA has never been against the cotton growers but it would not allow anyone to exploit the government by misstating facts.
He said APTMA took a principled stand, based on facts. "No one would be allowed to hold textile industry hostage," he said.
The APTMA Chairman also thanked textile minister Makhdoom Shahabuddin for making the non-intervention decision after a fair hearing.
Chairman All Pakistan Textile Mills Association (APTMA) Mohsin Aziz welcomed the Economic Coordination Committee (ECC) decision of supporting the free market mechanism and letting market forces define cotton prices in the country.
Pakistan Cotton Ginners Association (PCGA) had earlier urged Prime Minister Yousaf Raza Gilani to ask the Trading Corporation of Pakistan (TCP) to intervene in the free market mechanism and buy one million bales of cotton lint at Rs6500/bale to bail out farmers.
However, APTMA had opposed any such intervention. The ECC was informed that only a small stock of cotton, that is less than 10 percent, was lying with the growers and any intervention at this stage would neither be practical for cotton market nor would benefit the growers. Accordingly, the ECC declined PCGA’s request in its latest meeting.
Aziz appreciated the ECC for refusing to intervene and discouraging the opportunists who were misguiding the government. He said that APTMA has never been against the cotton growers but it would not allow anyone to exploit the government by misstating facts.
He said APTMA took a principled stand, based on facts. "No one would be allowed to hold textile industry hostage," he said.
The APTMA Chairman also thanked textile minister Makhdoom Shahabuddin for making the non-intervention decision after a fair hearing.