Karachi, March 15, 2018 (PPI-OT): Mirza Salman Ispahani, President – International Cotton Association (ICA) and Mr. Bill Kingdon, Managing Director recently visited the Principal Office Karachi of APTMA. Mr. Salman Ispahani is also a textile mills owner from Bangladesh. It is the first time that any spinner or buyer has been elected as the President of ICA from the Indian sub-continent, especially from Bangladesh.
Mr. Zahid Mazhar, Sr. Vice Chairman APTMA welcomed the dignitaries of at APTMA Office, Karachi. He said that the personal visit of high profile dignitaries of ICA is a good opportunity for the members to understand rules and regulations of ICA as well as a forum to raise issue with regards to impediments being faced in the import of cotton and take measures towards improving the Rules and relationships between APTMA and the ICA.
Mirza Salman Ispahani, President – International Cotton Association (ICA) said that today the majority of the world’s cotton is traded under ICA Bylaws and Rules to create a safe trading environment and protect the legitimate interests of all those who trade cotton, whether buyer or seller. Mr. Salman Ispahani advised the Pakistani Cotton Importers to trade cotton under ICA Bylaws and Rules, as 90% of the world’s cotton is traded under these rules.
He said that the ICA rules protects both buyers and sellers interests, ICA has an internationally recognised arbitration system which has developed over 100 years and ICA awards can be enforced through courts in a majority of the countries. The service is impartial and internationally recognized. He further said that the ICA has two primary functions (the ICA Bylaws and Rules and an arbitration service) and it provides support facilities that include training, trade events, networking forums and cotton testing and research.
Mr. Zahid Mazhar said that Pakistan is a single crop economy. Exports of cotton and cotton made products earn about 62 percent of total annual export earnings. As such, promotion of cotton means promotion of exports while failure of cotton crop results in heavy losses to the Pakistan economy.
He further said that though cotton crop of Pakistan has failed for the third consecutive year, but if the Government adopts serious measures, in next couple of years Pakistan can cross the level of 15 million bales which was earlier achieved in 2014-15. Pakistan has the potential to produce 20 Million Bales of Cotton within the next four to five years.
The meeting was also attended by Mr. Yahya Saleem, Associate Director – ICA, Mr. Iqbal Khurram, Member Arbitration Committee ICA, Mr. Nadeem Maqbool, Mr. Asif Inam, Mr. Naveed Ahmed, Mr. Imran Maqbool, Mr. Tariq Saud, Mr. Jameel Qasim, Mr. Junaid Latif, Mr. Khurram Inam and Mr. Ahmad Ebrahim.
For more information, contact:
All Pakistan Textile Mills Association (APTMA)
APTMA House, 44-A, Lalazar,
Molvi Tamizuddin Khan Road,
Karachi -74000, Pakistan.