ICA and China National Cotton Exchange sign MOU
26/11/2013
Former ICA resident Ahmed Elbosaty and CNCE vice-president Baofu Yang signed the MOU during the ICA’s recent trade event in Liverpool. CNCE is the only platform to buy and sell national reserve cotton in China and has more than 4,200 registered members, including textile mills, ginning factories and cotton traders.
Mr Elbosaty said: “Mutual understanding and cooperation is crucial to strengthening international ties. This collaboration will promote good trading practice and lead to a better understanding of the trading rules and contract sanctity."
The MOU will focus on three specific areas: applying ICA bylaws and rules in CNCE’s Electronic Trading Platform; sharing technical information to help establish a China-based testing laboratory; and delivering cotton trade and quality testing training.
Baofu Yang said: “CNCE is willing to improve the international cooperation with the ICA. Our company would like to make innovations in imported cotton business to service the cotton industry and to promote global trading.”
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