KARACHI, Oct 15: Finance Minister Shaukat Aziz is meeting a delegation of All Pakistan Textile Mills Association (Aptma) on Thursday at Islamabad to discuss current crisis of escalation in cotton prices.

An Aptma press release on Wednesday said that textile mills owners would put forward their considered view on cotton crisis before the minister.

Waqar Monnoo, recently elected chairman of Aptma, announced that the industry was planning to import substantial quantity of cotton from all sources, including the US and Uzbekistan.

He quoted a report of the Cotton Crop Assessment Committee, which pointed out that crop infestation was not an economic injury level.

The Aptma Central Committee is holding an emergent meeting on Friday at Karachi to discuss and formulate an appropriate strategy on cotton crisis. An extra-ordinary general meeting of Aptma is being called on Saturday at the Punjab zone office, Lahore.

Meanwhile, Federation of Pakistan Chambers of Commerce and Industries president Riaz Tata offered a clarification of the statement he issued on Tuesday. Mr Tata in his statement has urged that the “government should immediately import 1.5 million bales of cotton from Central Asian republics and make it available to the local textile industry at internationally competitive prices.”

He said the manufacturers and exporters of value-added textile products booked export orders for delivery to be made in next six months or even ahead of this period. They had booked orders when prevailing cotton prices were low. With a 35-per cent price escalation in cotton, the price of yarn is also shooting up in the domestic market, which is pushing up cost of fabrics and other value-added products.

Riaz Tata said that Pakistani exporters had managed to get access to certain big markets and should now consolidate their foothold. If exporters are forced to withdraw from these markets, it would be a terrible loss for the country.