The association was renewed by ICA president, Bill Ballenden and CAI president Atul Ganatra last week in Mumbai during CAI’s international conference.
With the large majority of international raw cotton contracts traded under ICA Bylaws & Rules and India’s market position as the world’s largest producer of cotton, this renewed alliance is significant for the trade, with both associations confident that it will continue to benefit the entire industry, ICA said in a press release.
"The signing of the new MOU marks an important evolution of the special relationship that exists between the ICA and the CAI. It continues to build on a shared desire to put sanctity of contract at the very heart of our Associations. I look forward to us continuing this evolution in the months and years ahead," Ballenden said.
"This memorandum of understanding marks an important relationship for CAI, which is as significant today as it has ever been during our history as an Association. It takes on added significance as we approach our centenary year in 2021," Ganatra added.
The MoU will help continue to foster greater cooperation between the two associations and enable them to work more closely on a number of shared goals, which include promoting sanctity of contract; training and visit programmes; information exchange and dissemination; diplomatic initiatives; testing and quality issues. (RR)
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