Dr Mirza Ikhtiar Baig, Advisor to Prime Minister on Textiles accompanied by Vice Chairman Aptma Yasin Siddiq, met President of Cotton Association of India, Dhiren Sheth in Karachi and discussed the issue of non delivery of the Indian cotton purchased by Pakistani millers.
Dhiren Sheth proposed to urgently send delegation of importers of cotton from Pakistan to India and Cotton Association of India will arrange a meeting with the Indian cotton exporters to amicably settle the issue. He also agreed to device a mechanism for future cotton trade between the two countries.
Dr Baig proposed that any dispute between sellers and buyers to go for arbitration process through Karachi Cotton Association and Indian Cotton Association. The present system of arbitration is cumbersome and takes many years to decide a dispute due to which the buyers and the sellers are not using arbitration to resolve their disputes. It was proposed to limit maximum period of 3 months to finalise the trade dispute through arbitration.
Dr Baig is also leaving for Delhi and will meet Federal Secretary Commerce, Government of India to request the latter to allocate additional quantity of cotton for export to Pakistan out of their surplus of 2 million bales cotton to fulfil the commitment of the Indian exporters. Dr Baig said that the textile industry of Pakistan will suffer a loss of $200 to $400 million if India exporters do not honour their commitment.-PR