KARACHI: Cotton import in Pakistan is expected to reach the record high of five million bales this year as local production of the industrial crop is estimated to decline 15 percent on high input prices and inclement weather, businessmen said on Tuesday.All Pakistan Textile Mills Association said there is a need to abolish 11 percent taxes on import of cotton to bridge the massive shortfall. Aptma Central Chairman Amanullah Kassim said the cotton production was estimated to fall short of 33...