Karachi: The President International Cotton Association (ICA) Ahmed Elbosaty has extended the invitation to Pakistan’s spinning sector to become ICA member in order to get benefits of international cotton trade via ICA.
Speaking to the All Pakistan Textile Mills Association’s (APTMA) office-bearers and members as APTMA House on Wednesday Elbosaty said that almost 80 per cent global cotton trade is being done via ICA and APTMA members could have the benefits and expertise of the ICA after becoming its member.
In his first ever visit to Pakistan and APTMA, ICA chief said that the association has changed its rules and regulations in order to allow spinners, weavers, retailers, etc. to become its members so that the whole supply chain could be benefited from ICA’s services and professional programs.
He mentioned that ICA’s arbitration is free of charge for the members while non-member has to pay $15,000 as application fee for arbitration. He said that membership fee for individual (industry) is $2000 and there would be no charges for services and training or becoming its arbitrator.
He said that ICA is a century old organization and has changed its name from Liverpool Cotton Association (LCA) to International Cotton Association (ICA) in 2004 after a major transition. He said that Ica believes in level playing field to everyone and try to extend support to all the factions evenly whether its supplier or buyer.
He said that ICA also imparts training for its members by leading industry experts that covers Fundamental knowledge (world cotton market and import/export, major cotton export countries and their characteristics), Trading issues (risk management, contract making, futures and options, cotton controlling and testing) and Trading rules(dispute resolution, international trading rules, arbitration agreements, arbitration procedures and arbitrator training). He said that last year about 120 Chinese cotton traders and spinners have taken part in the training.
He announced that ICA’s conference would be held in Dubai, UAE early next year. ICA’s Managing Director, Kai Hughes said on this occasion that in next two years ICA would set up a pool of arbitrators, appoint an enforcement committee, a legal team to provide legal assistance to its members and retailers are also being invited to get on board to complete the supply chain.
The Zonal Chairman APTMA, Yasin Siddik, in his welcome address said that the ICA’s delegation’s visit to Pakistan would be very helpful for Pakistan’s textile sector particularly spinning and such visits would bring the local and international stakeholders closer and improve mutual understandings.
He said that by virtue of Pakistan’s status as fourth largest cotton producer and third largest cotton consumer, should have at least two members from APTMA should be on ICA’s board of rules and regulations.
He assured that APTMA would have more interactive sessions with ICA in future as well.
APTMA’s Central Chairman Ahsan Bashir who joined the meeting through satellite from Lahore said on the occasion that ICA Chief’s visit to Pakistan has dispelled some wrong impression about ICA and APTMA members’ reservations. He said that APTMA’s members are likely to get benefit from ICA’s services and arbitration.