At the recent 75th anniversary of the Gdynia Cotton Association (GCA), it was announced that the GCA Council had approved the decision to adopt ICA Rules.
Speaking after the anniversary celebrations, Kai Hughes, ICA Managing Director explained: "We are delighted by the decision. It marks another significant step forward to providing one set of internationally recognised trading rules - something that we believe will greatly benefit the industry.”
GCA Executive Vice President, Zbigniew Roskwitalski, added: "Adopting the ICA Rules crowns the process of unification of trading rules and principles, in which the GCA has been involved for many years. On adopting the new (ICA based) Rules, the GCA General Assembly underlined their meaning in the context of creation of one set of globally accepted standards and would like to thank the ICA for its support and consultation during the Rules' adaptation process.”
The GCA now joins Bremen Baumwollborse in adopting ICA Rules. Representatives from both associations will sit on the ICA Rules Committee, which is made up of members from all sectors of the trade. The Committee constantly reviews the existing Rules to ensure that they are current, equitable and fair to all parties.
Kai concludes: “On the day the GCA looked back and celebrated 75 years of trading, they can also look forward to working in partnership with the ICA, to help create one set of global trading rules that are accepted by both buyers and sellers and that underpin the principles of contract sanctity.”
The International Cotton Association