A businessman has called for letter of credit (L/C) disputes between Indian and Pakistani cotton traders to be resolved amicably.

The call coincides with moves by both Pakistan's and India's national cotton associations to facilitate trade between the two countries.

Trade disputes

The calls for L/C disputes to be settled amicably came during a meeting held between the presidents of the Cotton Association of India (CAI) and Karachi Cotton Association (KCA).

They agreed to seek mutually agreeable solutions to trade disputes and issues without having to resort to the International Cotton Advisory Committee (ICAC).

Calls for reform

President of CAI, Dhiren Seth, stressed the need to remove bottlenecks to trade while the president of KCA, Sohail Naseem, suggested the two countries work to find more efficient pricing mechanisms and amicable methods of dispute resolution.

KCA member, Shakeel Ahmad, emphasised that L/C dispute resolution was particularly crucial and that disagreements should preferably be settled by mutual agreement.

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