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Industry News | Time: May 18 2020 1:31PM
Cotton and textile sectors call for collaborative action
 
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ZüRICH — May 14, 2020 — The Better Cotton Initiative (BCI), The Committee For International Co-Operation Between Cotton Associations (CICCA), The International Cotton Association (ICA), The International Cotton Advisory Committee (ICAC) and The International Textile Manufacturers Association (ITMF) are unified in promoting a common set of values and shared commitment to safe trading and contract sanctity across the global cotton community. Our joint challenge today is to ensure that fair and equitable trade practices govern the commercial relationships throughout the cotton and textile supply chains. We believe that these principles have never been more important than they are now.

The loss of demand resulting from COVID-19 and the preventative measures that are being applied throughout the world affects the cotton and textile sectors from end to end. It is essential for each trading partner to be mindful of each other’s position. We must strive to find mutual agreements which keep in mind our shared commitment to the long-term health of the international cotton and textile trade, and to the principles of fair and equitable trading practices on which it is built. We encourage that all those engaged in the cotton and textile value chains jointly and collaboratively commit to:

Take actions that are considered and designed to contribute to the recovery of the cotton and textile sectors in 2021 and beyond
Communicate, collaborate and be responsive to the needs of their counterparties
Continue to respect the trade rules that govern the sectors
Recognize and publicize positive behaviors. Identify and call out negative, counter-productive commercial behaviors.
The strong sense of community in the cotton and textile world will continue to be a source of strength. The constraints we are currently facing will pass and many of the freedoms that we are used to are likely to return before too long. We have confidence in the future of our industry.

Source: The Better Cotton Initiative (BCI), The Committee For International Co-Operation Between Cotton Associations (CICCA), The International Cotton Association (ICA), The International Cotton Advisory Committee (ICAC) and The International Textile Manufacturers Association (ITMF)
[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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