Strike was called off after APTMA leadership met with Prime Minister of Pakistan Syed Yousuf Raza Gilani.

Declaring the end of strike, APTMA Chairman Ejaz Gohar said the government has shown willingness to address textile industry’s grievences immediately.

Prime Minister Syed Yousuf Raza Gilani assured the APTMA delegation government would ensure that all the obstacles facing textile industry is resolved as soon as possible. He said government would listen to each sector of textile industry to understand their challenges.

The Prime Minister announced a detailed meeting of the high level government officials including cabinet committee on textile, the State Minister for Economic Affairs, Defence Minister and former minister for trade and Advisor to Prime Minister on Finance with all the stakeholders of textile industry in Islamabad soon.

During the meeting, Ejaz Gohar briefed the prime minister on the harmful consequences of the imposed 15 percent regulatory duty on the export of all kinds of cotton yarn. He also informed the prime minister of other challenges of the textile industry, which is the backbone of Pakistan’s economy.

Ejaz Gohar representing the APTMA delegation explained the unavoidability of the strike saying that APTMA never favours strikes but the 15 percent regulatory duty cannot be afforded by the textile industry of Pakistan.

Hundreds of containers worth $80 million loaded with yarn ready to export are still stuck at the port after the imposition of the 15 percent regulatory duty.

Dealers at the Karachi Cotton Exchange (KCA) said 400 bales of Haroonabad were sold at the historic high of Rs6,925/Rs6,950 per maund on credit, and 4,700 bales of Rahim Yar Khan changed hands at Rs6,800. Spot rates of the Karachi Cotton Exchange stayed unchanged at Rs6,700 a maund and Rs7,180 per 40kg.

“Indian ginners and growers, who went on strike from April 29, have so far failed to convince the authorities concerned to relax restrictions on raw cotton export,” S M Ayub Usman, a Faisalabad-based dealer, said.

“While Indian spinners have succeeded in convincing their†textile authorities that unchecked export of raw cotton has hurt them badly and it has adversely impacted the value-added sector.” Usman said that domestic prices of lint continued to skyrocket due to the export ban imposed by the Indian government recently. Now mills had hardly any stocks of raw cotton left with them.

A general body meeting of the Karachi Cotton Brokers Forum was held under the chairmanship of Abdul Wahid, a senior cotton broker, at the Karachi Cotton Exchange the other day. At the meeting, Wahid addressed issues being faced by the registered cotton brokers of the KCA. Brokers unanimously passed a couple of resolutions at the meeting.

The brokers urged the federal minister for textile to help solve problems concerning opening of hedge trading in cotton through the KCA. They said that 320 licensed cotton brokers were engaged in cotton trading and steps should be taken to facilitate them.

The Trading Corporation of Pakistan should take cotton brokers at the KCA into confidence before taking measures on cotton trade, as they had professional expertise in cotton trade, they said.

Through the government managed Trading Corporation of Pakistan, Islamabad had issued a tender to purchase 200,000 tons of sugar.

But the country purchased 50,000 metric tons of refined sugar at $585 a ton from Sadan General Trading LLC, a Dubai based firm , reports Bloomberg.

The price is 18 percent below the current rate in London, a global benchmark for refined sugar. Sadan was unable to supply more at the contracted prices.

The Trading Corporation of Pakistan on Feb. 11 scrapped a tender to buy 150,000 tons of white sugar after a dispute with the lowest bidder.

Pakistan requires a total 1.2 million tons to bridge a gap in supplies that has pushed prices to near a record. It plans to import 500,000 tons by June and another 700,000 tons by July.