The National Cotton Council (NCC) of America and the China Cotton Association (CCA) signed a “Memorandum of Understanding” promising cooperation between the countries' cotton industries.
The document was signed by NCC Chairman Allen Helms and CCA Secretary General Madam Gao Fang in a ceremony at the Memphis Cotton Museum.
“This memorandum signals a spirit of cooperation and good will,” Helms said. “We look forward to a successful future of mutually beneficial trade and increased cooperation among the U.S. and Chinese cotton industries.”
As the dominant factor in the global cotton and textile markets, China is the world's largest cotton importer, largest raw cotton consumer (mill level) and the largest cotton producer. After recently being admitted to the World Trade Organization, China is rapidly merging into the world economy.
“Cotton trade with China is very healthy today as the United States exported 8.6 million bales or about 36 percent of its crop to China in the past 12 months,” said Helms, a Clarkedale, cotton producer. “This MOU is significant for the U.S. cotton industry as it seeks to build not only on that current momentum but on its long-time relationship with China.”
Helms said working through the NCC, the U.S. cotton industry has made substantial strides in fortifying its infrastructure to accommodate the current extraordinary volume of U.S. raw cotton export trade.
“The industry also has renewed its commitment to protect and enhance U.S. cotton's reputation for producing high quality cotton, delivering it in a timely manner and honoring contracts,” he said. “We must follow through on that commitment to remain competitive in the Chinese and other global markets.”
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