February 3, 2006	Friday	Muharram 4, 1427

KARACHI, Feb 2: The Karachi Cotton Association (KCA) has urged the government to gradually switch over to the production of BT and genetically modified cotton to meet the growing demand of the textile industry.

In a meeting with Textile Industry Minister Mushtaq Ali Cheema held here on Thursday, KCA Chairman Zahid Bashir stressed upon the need for resumption of hedge trading in cotton.

He said the KCA had been successfully operating hedge trading since 1934, and it remained operative till 1976, when the cotton export trade was nationalized. Mr Bashir said that the utility of hedge trading in cotton had been affirmed and reaffirmed by the three high-powered committees set up by the government.

The minister said the government was taking necessary steps to enhance cotton production. On hedge trading in cotton, he said his ministry was examining the matter in details and a meeting of all stakeholders would be convened soon.