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CAI & CCA sign MoU to promote healthy cotton trading
29
Jun '17
With a view to combine efforts to promote good cotton trading practices, upholding sanctity of contracts and pursuing the cause of cotton globally and more effectively, the Cotton Association of India (CAI) and China Cotton Association (CCA) have signed a memorandum of understanding (MoU). It was signed at the China International Conference in Chongqing.

The MoU established between the CCA and CAI, the apex cotton body representing all segments of the Indian cotton value chain and an arbitral body since 1921, envisages co-operation on a host of matters relating to cotton including regular exchange of delegations between the two associations, training, information exchange and dissemination, speedy resolution of members' issues, etc. and will go a long way in making cotton trading safer.

The MoU was signed by CAI president Nayan C Mirani and Gao Fang, legal representative of CCA, in the presence of Dai Gongxing of CCA and the Indian delegates who accompanied Mirani. The Indian delegates present at the event included CAI board members, Vinay Kotak, Arun Sekhsaria, Raja Gokulgandhi, Rishit Dholakia and Mohit Shah, former president of the International Cotton Association (ICA) UK.

"India and China are the largest cotton economies, and signing this MOU will go a long way in resolving the issues faced by traders in both the countries," said Mirani.

Shah said, signing this MoU was long overdue. It is an historic development and will foster better understanding between CAI and CCA.

"This was a historical moment for building future of the cotton fraternity in India and China," said Kotak.

Gokulgandhi stated, "This is a very big historic step because India and China are the biggest producers and consumers of cotton. For many years China has been the biggest importer of Indian cotton and this MoU will definitely promote Indian cotton in China in a big way. This will also pave the way for good trade practices and cooperation between the two countries."

Dholakia concluded by saying, "We got a very positive response from CCA and this MoU is going to be very good for all future Indian cotton trade with China." (KD)

Fibre2Fashion News Desk – India


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