Indian exporters to revalidate cotton sales contracts by April 30.

KARACHI: Indian government has asked its exporters to re-validate/re-register all their valid cotton sales contracts by April 30, 2010, to allow un-shipped quality on monthly pro-rata basis which will commence within seven days as per notification of Ministry of Textile India dated April 19, 2010.

According to information provided by Pakistani Trade Minister in New Delhi, Naeem Anwar to Federal Advisor on Textile, Dr. Mirza Ikhtiar Baig, Indian government will allow export of cotton which was contracted before the “ban”.

It may be noted that Dr. Baig had taken up the matter with Pakistan High Commission in Delhi and advised them to urge Indian authorities to release shipment of cotton purchased by Pakistani companies which has been hold on at the Indian ports.

Dr Baig has also urged Indian Government, through a statement, to urgently ship about 200,000 bales of Indian raw cotton purchased by the Pakistani millers much before the ban.

India has banned exports of cotton to save their own textile industry. As a result, Pakistani importers started panic buying of cotton from other countries to meet the needs of our textile industry which has escalated the prices of the cotton in the international market.

Source : pakistantimes.net