Bangladesh textile millers seek change in cotton rulebook for level playing field: Reports

With a view to ensure equal treatment for both the cotton buyer and seller and create a level playing field for all, textile mill owners in Bangladesh want some change in the cotton rule book even if they seek to put forth at least seven points at a meeting with the International Cotton Association in this regard.

Media reports claimed this citing the sources while adding the local textile mill owners have underlined the rules of the International Cotton Association, which is the apex body for cotton buyers and sellers, are more favourable for cotton sellers currently even if amongst the seven points to be put forth by them include mandating written confirmation for a cotton contract, mediation before arbitration, mandating oral hearing for arbitration, payment of appeal deposit in local currencies and setting up a laboratory in Bangladesh.

Meanwhile, speaking to the media, the President of the Bangladesh Textile Mills Association (BTMA), Mohammad Ali, reportedly, maintained, “If the points are addressed, the rulebook will be balanced.”