Chairman All Pakistan Textile Mills Association (Aptma) Mohsin Aziz said on Wednesday that Aptma had always stood for free market mechanism in the larger interest of the country. Aptma neither proposed ban on export of cotton nor imposition of any other export duty, he added.
According to him, Aptma had always supported free market mechanism even when cotton prices were abnormally high and were unaffordable for the spinners. "We never supported imposition of any duty on exports," he added. He further said the spinners suffered again due to increase in cotton prices last year but the Aptma members maintained their inventories throughout the year until fresh crop arrived in the markets.
He said certain elements in ginners circle and hoarders were thinking of making huge profits out of expected shortage of cotton crop due to floods. He said that the same lobby was now pursued by the government in the name of farmers. They had abundant stocks on the presumption that prices would go up due to floods, he added.
He said Aptma had established its stance with relevant facts and figures that any incentive in the name of farmers would actually benefit a few ginners and a group of hoarders. Therefore, the TCP intervention in the case was not suitable for the farmer, he said. Aziz said that the Aptma appreciates government for understanding Aptma's stance and realising that any kind of intervention at this stage would only benefit a few individuals. He said that the export market was open to every stakeholder and a total of 610,000 bales have already been exported this year so far and sizeable orders were already pending which would be exported in the preceding months.