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CNCE and ICA sign MOU
26
Nov '13
The International Cotton Association (ICA) and the China National Cotton Exchange (CNCE) have signed and exchanged a memorandum of understanding (MOU) to formally acknowledge the cooperation between the two associations.

Based on the spirit of equality, mutual benefit and friendly cooperation, ICA Ex-President, Mr Ahmed Elbosaty and CNCE Vice President, Mr Baofu Yang, signed the MOU during the ICA’s recent trade event in Liverpool, where CNCE was a major sponsor.

“This is another milestone for the ICA and one that I am proud to have been part of,” says Ahmed. “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. It is a very positive step forward for both associations and our members."

Baofu Yang, CNCE’s Vice President said: “It has been an honour for CNCE to be a member of the ICA. 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. It is an inspiring development for both Chinese customers and international enterprises.”

The MOU will focus on three specific areas of cooperation:

1. Applying ICA Bylaws & Rules in CNCE’s ‘Electronic Trading Platform’

2. Sharing technical information to help establish a China based testing laboratory

3. Delivering cotton trade and quality testing training.

About the ICA

Established in 1841, the ICA is the world’s leading international cotton trade association and arbitral body. The majority of the world’s raw cotton is traded under ICA Bylaws & Rules. The ICA is a membership organisation.

It has more than 540 members - firms and individuals - representing all sectors of the cotton industry and including the world’s major cotton companies. The ICA vision is to ensure contract sanctity in the global trade of cotton. Its mission is to protect the legitimate interests of all those involved in the cotton trade, whether buyer or seller.

International Cotton Association (ICA)

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