KARACHI, July 1: Pakistan Cotton Ginners’ Association (PCGA) has opposed the proposed sale of cotton by Trading Corporation of Pakistan (TCP) in the local market.

In a statement issued on Monday, PCGA chairman Abdul Rasheed Khan said whereas a large quantity of unsold stocks were still lying with the ginners the local sale of cotton by TCP will further aggravate the situation.

He said TCP was given the mandate by the government to procure and sell the cotton to foreign buyers in order to protect the interest of growers.

Abdul Rasheed Khan further said that TCP had so far lifted only 300,000 bales, which was much less than the target of one million bales given by the government for the current season.

As a result of slow procurement of cotton by TCP huge quantity of unsold stocks are still lying with the ginners, who are presently under financial crisis.

He said the ultimate sufferers were growers, who were not getting payment for the phutti lifted by ginners.

The PCGA chief urged the government to ask TCP not to sell its cotton stocks in the local market.