On Monday, the textile exporters demanded inquiry under judicial commission to probe and unearth the cotton yarn crisis facts by executing detailed investigations and carrying out urgent Forensic Audits on the sugar crisis pattern. The demand came at a joint press conference of the Value Added Textile Sector Associations held at PHMA house.
Internationally, cotton prices have been decreased so do the costs of cotton yarn. However, in Pakistan, the prices of cotton yarn have been exorbitantly high with an increase in cotton and cotton yarn prices but have not been reduced in line with the decrease in the global market. It seems that some elements in the Government are playing an adversarial and antagonistic role, in contrary to the policies of Prime Minister Imran Khan, to shatter the exports of Pakistan and put lethal blow over the Foreign Exchange earnings because something unusual always happens from the circles of the Government whenever the exports of Pakistan comes in take-off and incline mode.
In the press conference, the textile exporters said the Ministry of Planning, Development, and Reforms is speechless to comment and articulate who is behind this ill-planning and severest ever crisis of cotton, which has proven most deadly and destructive for the value-added textile sector and its exports.
They also demanded that the Government also play its role to include Tajikistan in the Quadrilateral Transit Trade Agreement (QTTA) between Pakistan-China-Kazakhstan-Kyrgyzstan facilitates the passage of goods and traffic as Uzbekistan sought Pakistan’s support. The import of cotton yarn from Uzbekistan through Afghanistan is also not convenient due to security reasons and the Uzbek Exporters of yarn demand 100 percent advance payment. Local exporters need approval from the State Bank of Pakistan, which is a lengthy process. Import of cotton yarn from Uzbekistan via land route will take hardly one week to reach Pakistan while the sea route will take months.
