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Government urged to allow import of Irri-6 rice
from India
KARACHI (March 25 2004): The Rice Exporters
Association of Pakistan (Reap) has urged the
government to allow import of Irri-6 rice from
India on back-to-back letter of credit (LC) to
help exporters fulfil their export commitments.
In an urgent fax to Prime Minister Mir Zafarullah
Khan Jamali, Reap Founder Chairman Rahim Janoo
said that owing to acute shortage of IRRI rice in
the local market, which is the result of hoarding
by the mill-owners, the exporters were unable to
fulfil their export commitments worth millions of
dollars.
He said that the Reap members during their recent
visit to India had finalised arrangements with the
Indian rice traders to purchase the commodity from
them on attractive rates in the event of shortage
of the commodity in Pakistan.
He said that under back-to-back LC arrangements
Pakistani exporters would open LC in the name of
Indian suppliers who would ship rice directly to
the overseas buyers on behalf of the Reap members.
He said that in the deal the country would lose
nothing, but instead would receive the export
proceeds as usual. He said that the government had
allowed purchase of 100,000 tonnes of Irri rice
from India last year, which was directly shipped
to the parties contracted by the Reap members.
Janoo said that rice export had been seriously
affected by the artificial shortage of the
commodity, as it was being sold at Rs 13.5kg as
compared to Rs 9 earlier.
Exports in the first quarter of 2004 amounted to
only 3.5 lakh tonnes as compared to 5 lakh tonnes
in the same period of the last year.
Courtesy Business Recorder |
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Pakissan.com; Advisory Point
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