Bangladesh textile millers seek change in the cotton rule book for the level playing field

With a view to ensuring equal treatment for both the cotton buyer and seller and creating a level playing field for all, textile mill owners of 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.

According to the reports published in the media, 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 favorable for cotton sellers currently even if among 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, said, “If the points are addressed, the rule book will be balanced.”