§ Lieut.-Colonel Schofieldasked the President of the Board of Trade whether he will make a statement with regard to the export of British cotton yarns and piece goods to Pakistan.
§ Mr. P. ThorneycroftI am glad to inform my hon. and gallant Friend that an Agreement was signed today between the Government of Pakistan and the Government of the United Kingdom under which the Pakistan Government has undertaken to license the import of cotton yarn and piece goods of United Kingdom manufacture to a total value of$5,200,000, and these should be exported to Pakistan within the next few months. Payment will take the form of the supply to the United Kingdom by the United States of raw cotton of the same value. The arrangement is part of a grant of aid to Pakistan by the United States from which the United Kingdom will also benefit.
Arrangements for working the somewhat complicated procedure involved have been agreed in discussion between my Department and the different sections of the cotton industry and the banks. I should like to take this opportunity of acknowledging their ready co-operation.