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The Federal Cabinet has reportedly turned down a decision of ECC regarding rejection of support price of cotton, well-informed sources in Commerce Ministry told Business Recorder.

Prime Minister's Advisor on Commerce Abdul Razak Dawood has reportedly informed the textile industry that when the ECC decision on rejection of intervention price of Rs 4200 came up for ratification in the Cabinet meeting the cabinet decided to send the summary back to the ECC for reconsideration.

The sources said that this development took place because Minister for Foreign Affairs Shah Mahmood Qureshi, who is also a prominent cotton grower, intervened on behalf of the Ministry of National Food Security, maintaining that PTI MNAs had serious concerns about non approval of the intervention price. The sources stated that Razak Dawood has asked textile industry to extend full support to him to battle this unexpected and very serious development.

Copyright Business Recorder, 2020

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