Ministry of Food, Agriculture and Livestock (Minfal) and the Ministry of Commerce will establish a joint monitoring system to ensure close watch on cotton prices.
This decision was taken at a high level meeting chaired by the Federal Minister for Food, Agriculture and Livestock Sikandar Hayat Khan Bosan here on Tuesday.
The meeting reviewed the current cotton market situation and the necessity for timely intervention by the Trading Corporation of Pakistan (TCP) to ensure that the growers should get a price for their produce above the seed cotton support price of Rs 925 per 40 Kg.
The meeting was attended by Minister of State for Commerce Hamid Yar Hiraj, Secretary, Commerce, TCP Chairman, Agricultural Development Commissioner, Minfal, Cotton Commissioner, and the Vice President Pakistan Central Cotton Committee.
This joint team will also adjust prices based on the market information on weekly basis.
The bureau of statistics will also monitor and collect prices of cottonseed (binola) and submit this report to the ministry of commerce and Minfal.
The minister Minfal observed that in view of the large area sown under cotton, a sizeable cotton crop was expected over and above the last year's level.
Accordingly, the market prices of lint and the seed cotton could slide downward to the disadvantage of the growers.
The meeting also discussed the current market price trends and the expected scenario in months to come and agreed that a joint monitoring system to be evolved to have a check on cotton prices.
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