MULTAN: In a landmark development aimed at formalizing the cotton trade, the Pakistan Cotton Ginners Association (PCGA) and Pakistan Cotton Brokers Association (PCBA) convened a joint meeting today at the PCGA House in Multan.
The meeting, led by PCGA Chairman Chaudhry Waheed Arshad, concluded with the finalization of a standardized contract form intended to document all cotton transactions.
The newly introduced contract form, created collaboratively by PCGA and PCBA, will now be mandatory for all future cotton purchases and sales. Transactions will only be permitted through brokers registered with the PCBA.
To facilitate this transition, copies of the contract form and a list of registered brokers will be provided to all ginners. Both associations have stated unequivocally that they will not take responsibility for any disputes arising from transactions conducted without the contract form or with unregistered brokers, nor will they mediate in such disputes.
Additionally, the meeting addressed concerns regarding the dissemination of cotton trade news by various business clubs. To ensure ethical reporting, a committee comprising representatives from PCGA, PCBA, and business clubs was formed. This committee will meet soon in Bahawalpur to draft a comprehensive code of conduct.
Prominent attendees at the meeting included PCGA Chairman Chaudhry Waheed Arshad, PCBA Chairman Major (R) Kashif Islam, PCGA Vice Chairman Rana Waseem Hanif, former PCGA Chairman Amanullah Qureshi, Sohail Mahmood Harl, and Central Executive Committee members Chaudhry Khalid Bashir, Muhammad Mazhar Shoaib Khan, Khawaja Farooq, and Hassan Qureshi. Representing PCBA were Vice Chairman Tanveer Tariq Alvi, Haris Puri, Rana Muhammad Shafqat, Shahid Puri, and Naeem Abid. Business club owners present included Ahmad Ali, Muhammad Atif, Abdul Munim Alvi, Muhammad Waqas Alvi, Haseeb Ali Jatt, Ahsan Javed, Muhammad Shoaib Memon, and Waqar Ahmed Khan from the Sapphire Group.
