Cotton associations’ agreement will benefit entire industry - ICA
05/02/2014
With the majority of the world’s raw cotton traded under ICA bylaws and India’s market position as the world’s second-largest exporter of cotton and yarn, this alliance is a “significant milestone” said the associations, adding that it will “benefit the entire industry”.
ICA president Mohit Shah said: “This is an historic moment for both the ICA and CAI. We have a long history together and this MOU will pave the way for a long and sustained relationship between these two major cotton associations of the world.”
The associations will work closely on a number of shared goals, which include promoting the sanctity of contract; training and visitations; information exchange and dissemination; diplomatic initiatives; and testing and quality issues.
CAI president Dhiren Sheth added: “The CAI has always recognised the ICA to be the mother association and this MOU has laid the foundation for the future. There is great potential for cooperation in many spheres.”
The ICA signed an MOU with China in November.
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