The International Cotton Advisory Committee (ICAC) met in Greece from November 1 to 7, 2014. At the meeting were 401 participants, including representatives from 33 member governments, 9 international organisations and 19 non-member governments.
The importance of ensuring the growth of cotton consumption was emphasised in various presentations from diverse sectors of the textile chain. ICAC member countries were urged to promote the use of cotton, especially in their domestic markets. With growing importance of responsible cotton production, presentations were made to the committee from various countries explaining actions taken to produce sustainable cotton. It was suggested that countries must work together through mutual exchange of information to expand these important programs in order to ensure a healthy future of cotton.
The plenary hosted a panel discussion on the question of measures that could be introduced to reduce disputes in cotton trading. Contract sanctity was underlined to form part of a healthy cotton supply chain. The panel recommended the exploration of mechanisms, such as compulsory insurance, to guarantee the execution of contracts and thereby contractual protection for the industry. Additionally, the establishment of a world yarn contract would assist in offering further protection.
A specific document on cotton and other outcomes involving agriculture was produced .The committee restated the importance of trade policy as a key factor in promoting world economic growth and development, and voiced support for WTO’s role in promoting free trade.
