We have signed and exchanged a memorandum of understanding (MOU) with the China National Cotton Exchange (CNCE) to formally acknowledge the cooperation between our two associations.
Based on the spirit of equality, mutual benefit and friendly cooperation, ICA Ex-President, Mr Ahmed Elbosaty and CNCE Vice President, Mr Baofu Yang (pictured), signed the MOU during our recent trade event in Liverpool, where CNCE was a major sponsor.
“This is another milestone for the ICA and one that I am proud to have been part of,” says Ahmed. “Mutual understanding and cooperation is crucial to strengthening international ties. This collaboration will promote good trading practice and lead to a better understanding of the trading rules and contract sanctity. It is a very positive step forward for both associations and our members.”
Baofu Yang, CNCE’s Vice President said: “It has been an honour for CNCE to be a member of the ICA. CNCE is willing to improve the international cooperation with the ICA. Our company would like to make innovations in imported cotton business to service the cotton industry and to promote global trading. It is an inspiring development for both Chinese customers and international enterprises.”
The MOU will focus on three specific areas of cooperation:
- Applying ICA Bylaws & Rules in CNCE’s ‘Electronic Trading Platform’
- Sharing technical information to help establish a China based testing laboratory
- Delivering cotton trade and quality testing training