ISLAMABAD, Nov 13: Commerce Minister, Humayun Akhtar Khan said on Thursday government is considering various measures to help mitigate the cotton growers losses they had incurred as a result of recent pest attack.

Talking to newsmen at Iftar-Dinner here, the minister said that the measures would be finalized very soon, which would also include a package to offset the impact of sudden rise in cotton prices.

He said in this connection he had held a meeting with Finance Minister, Shaukat Aziz on Thursday to mutually consider the proposals submitted by the relevant stakeholders.

Mr. Khan said that the current increase in cotton prices mostly reflected the impact of international shortages and it had no link to any damage reportedly caused to the current standing crop.

Pakistan needed 12 million bales this year for consumption, he said adding whereas “we were expecting production of 10 million bales.”

Replying to a question, the minister said government believed in maintaining consistency in its policies and he felt that the on-going policies would continue in the largest interest of the country.

He said the cotton arrival in ginning factories on November 1 showed an increase of 24 per cent as compared to the arrivals of last year which, he added, was very encouraging.

He expressed the hope that despite all odds, the revised target of 10 million bales of cotton will be achieved easily.

Replying to another question, he said the government was constantly watching and monitoring the trends in import and export of cotton.

Regarding the implementation of the trade policy, the minister said that he would meet the Punjab Chief Minister on Friday to discuss the implementation status of the trade policy in the province.

He said during the meeting, he would discuss with the chief minister the proposed garment cities in Faisalabad and Lahore.

Replying to a question, he said that China had offered more concessions in trade to Pakistan as compared to that offered to India under preferential tariff arrangement (PTA).

To another question, the minister said that his ministry had conveyed the message to sugar mill owners that the principle decision of procurement of sugar would remain the same. However, he said that modalities might be changed on the request of the sugar mills.