Pak textile body blames India over cotton export delay

LAHORE (Commodity Online) : Pakistan’s textile exporters body, All Pakistan Textile Mills Association (Aptma), criticized India over the delay of cotton exports to Pakistan.
According to Aptma delaying tactics by India to export one million cotton bales to Pakistan is a sheer violation of the free market mechanism.
Aptma said India has produced 32.5 million cotton bales this year with 10 percent upward growth comparing with last fiscal year.
However, the Association said Indian government has made amendments in earlier notifications to distort the free market mechanism. According to the amendment, the contracts for export of cotton shall be registered with the Directorate General of Foreign Trade prior to shipment. Also, clearance of cotton consignments by customs should be after verifying that the contracts have been registered.
Aptma said due to this sudden intervention to the free market mechanism by the Indian government one million cotton bales of Pakistani importers were stuck up. They entered signed agreements with Indian cotton exporters well before the controversial notification.
It said the controversial notification was tantamount to backing out of Indian cotton exporters from their commitment with Pakistani cotton importers.
The EU has already imposed anti-subsidy duty on India for introducing Technology Up-gradation Fund Scheme (TUFS) besides subsidies and disbursing hundreds of billions of rupees for subsidised investment in the textile sector.
Aptma has appealed to both the Pakistan and the Indian governments to take up the issue on priority basis in the larger interest of two Asian textile giants and let the pending cotton shipment be released to Pakistan in the bilateral trade interest of two countries.

(Source: http://www.commodityonline.com/news/Pak-textile-body-blames-India-over-cotton-export-delay-35942-3-1.html)