LIVERPOOL, UK (Commodity Online):
In order to extend cooperation in cotton markets, the International
Cotton Association and China Cotton Association (
) have joined hands to formally acknowledge the cooperation between
the two trade associations.
A memorandum of understanding (MoU) was signed between ICA
President, Cliff White and CCA Executive Vice President, Gao Fang,
on May 8, 2010 at the CCA and ICA joint forum on international
cotton trading, which was held during the China International
Cotton Conference in Sanya.
Speaking after the event, Cliff White explained, "Based on the
spirit of equality, mutual benefit and friendly cooperation, the
purpose of the MOU is to uphold contract sanctity, safeguard the
operation of trade and improve the trading environment. We know
that mutual understanding and cooperation is crucial to
strengthening international ties and we believe that having the MOU
in place will lead to a better understanding of the trading rules,
more effective dispute resolution and, ultimately, help to reduce
the list of unfulfilled awards. It is another milestone in the
history of the ICA and one that I am proud to have been part of.
Signing the memorandum is a very positive step forward for both
associations and our members."
Gao Fang added: "Since its establishment, CCA has continuously
had a good, cooperative relationship with ICA, dedicated to
maintaining order in the international cotton trade. The signing of
the MOU will strengthen the cooperation and exchange between the
two associations in the areas of international trading rules, list
of unfulfilled awards and the resolution of disputes between the
members of the two associations. The signing of the MOU helps this
cooperation to become a long term and effective mechanism. It will
also help to further improve the mechanism for resolving cotton
trade disputes, improve the trading environment and safeguard the
legitimate interests of trading partners."
Nearly 100 representatives from domestic and overseas cotton
firms and organisations attended the
CCA and ICA joint forum and witnessed the signing of the MOU. The
forum was open to senior representatives from major Chinese cotton
firms and ICA members and covered a number of key topics -
including trading rules, contracting and arbitration.
In a statement issued on May 28, 2010, ICA mentioned that the
forum provided an opportunity for dialogue and culminated in an
interactive question and answer session, which helped to gain a
greater appreciation of the problems faced by Chinese cotton firms
and enabled the ICA to provide clarification of how the ICA Bylaws
and Rules would be applied in these situations. Cliff White and Gao
Fang were supported during the forum by other key members of the
ICA and CCA.