The International Cotton Association (ICA) and the Cotton Association of India (CAI) have signed and exchanged a memorandum of understanding (MOU) to formally acknowledge the alliance and co-operation between the two associations. ICA President, Mohit Shah and CAI President, Dhiren Sheth signed the MOU recently in Mumbai during an ICA visit to India.
With the majority of the worlds raw cotton traded under ICA Bylaws & Rules and Indias market position as the worlds second largest exporter of both cotton and yarn, this alliance is a significant milestone for the trade, with both associations confident that it will benefit the entire industry.
On signing the MOU, Shah said: "This is an historic moment for both the ICA and CAI. We have a long history together and this MOU will pave the way for a long and sustained relationship between these two major cotton associations of the world. I am extremely pleased with this development, as this MOU signals a long-term commitment between the ICA and CAI to work together."
Sheth added: "I am extremely happy, because this is indeed a historic development. The CAI has always recognised the ICA to be the mother association and this MOU has laid the foundation for the future. I personally want to thank Mohit Shah. He not only initiated this process, but pursued it relentlessly over many months, long before he became President of the ICA. There is great potential for co-operation in many spheres."
The MOU will help to foster greater co-operation 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.
As part of the ICA delegation, Shah was joined by Jean-Marc Derossis, ICA First Vice-President, who said: "This is truly a meeting of minds, as the objectives of the ICA and CAI are similar. The MOU will put the relationship between our two associations on a firmer footing, with increased communication and collaboration."
CAI Vice-President, Nayan Mirani, who was also at the event, said: "This is indeed a meeting of the minds of two associations and its people. The MOU will go a long way in making trading safer and I am confident that it will lead to the next level of greater co-operation between the ICA and CAI."
For further information, visit at:www.ica-ltd.org