News Tags

Related Keywords: advised importers to trade the commodity, both buyers and sellers, ensure safe trading environment, ICA, International cotton Association, protect the legitimate interests, under its by-laws and rules

The International Cotton Association (ICA) ensure safe trading environment and protect the legitimate interests of both buyers and sellers has advised importers to trade the commodity under its by-laws and rules.

ICA President Mirza Salman Ispahani during his visit to All Pakistan Textile Mills Association’s (Aptma) headquarters on Thursday, said that 90 percent of the world cotton is traded under its by-laws and rules as the association has internationally recognised arbitration system and its awards can be enforced through courts in majority of the countries.

Related Keywords: arbitration, buy raw cotton, current methods of negotiation, high price volatility, International cotton Association, introduce mediation service, over reneged contracts, speedier tool, trade houses

The Liverpool, England-based International Cotton Association (ICA) expels members that deal with companies that are blacklisted for defaulting on contracts plans to introduce mediation services to help resolve disputes over reneged contracts that have blocked hundreds of blacklisted firms from doing business. The mediation would be speedier tool to resolve disputes, in addition to the current methods of negotiation and arbitration.