“His comments came during a meeting held with representatives of Egypts Cotton Association.”The minister explained that the new cotton trading system, which has been implemented recently in Fayoum and Beni Suef governorates, has helped in improving the cotton trade and overcoming all obstacles that negatively affected Egyptian cotton quality, especially with regards to the collecting and packaging process.”He added that the new system will be circulated throughout the country in the new cotton harvest season, which begins in September 2020, with the private sector playing a role in determining cotton bid opening price, according to recommendations placed by a ministerial committee for cotton.”The ministry has adopted a new system for upgrading Egyptian cotton, in coordination with the ministries of agriculture, trade and industry, to improve the reputation of Egyptian cotton and to open new markets for it.”In October, the public enterprise ministry announced that around 117 quintals of the Egyptian cotton, totaling EGP 237 million ($15 million), have been sold since the new system for cotton sale came into effect, adding that the new system guarantees fair prices for farmers, as cotton selling is implemented through an auction, and the pricing policy is in line with global cotton prices.
Date:4/13/2020
Source:hometextilestoday.com