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Pakistan:Cotton situation reviewed |
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2004-9-23
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Review of the current cotton market situation and the necessity for timely intervention by the Trading Corporation of Pakistan to ensure cotton growers get a price for their produce above the seed cotton support price of Rs.925/- per 40 kg announced by the government, was held under the chairmanship of Sikandar Hayat Khan Bosan, Federal Minster for Food, Agriculture and Livestock.
The meeting was attended by Hamid Yar Hiraj, Minister of State for Commerce, Secretary Commerce, Chairman, Trading Corporation of Pakistan, Agricultural Development Commissioner. MINFAL, Cotton Commissioner, MINFAL and the Vice President, Pakistan, Pakistan Central Cotton Committee.
The Federal Minister MINFAL opined that in view of the larger area sown and higher yield prospects this season a sizeable cotton crop over and above the last year’s level was expected. Accordingly, the market prices of lint and the see cotton can slide downwards to the disadvantage of the growers.
Having discussed the current market price trends and the expected scenario in moths to come it was agreed that:
a) A joint monitoring system of MINFAL and Ministry of Commerce would be established to ensure close watch on cotton prices.
b) This joint team would also adjust prices based on the market information on weekly basis.
c) Bureau of Statistics would monitor and gather prices of cotton seed (Binola) and report to the Ministry of Commerce and MINFAL. |
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