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May 15, 2020

Cotton, textile sectors call for collaborative action amid Covid-19

Five associations representing the cotton and textile industry have joined hands on a call for fair and equitable trade practices across global supply chains amid the coronavirus (Covid-19) pandemic.

By Beth Wright

Five associations representing the cotton and textile industry have joined hands on a call for fair and equitable trade practices across global supply chains amid the coronavirus (Covid-19) pandemic.

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The Better Cotton Initiative (BCI), the Committee for International Co-operation Between Cotton Associations (CICCA), the International Cotton Association (ICA), International Cotton Advisory Committee (ICAC), and the International Textile Manufacturers Association (ITMF) have joined forces to outline a common set of values and shared commitment to safe trading and contract sanctity across the global cotton community. 

“The loss of demand resulting from Covid-19 and the preventative measures that are being applied throughout the world affects the cotton and textile sectors from end to end. It is essential for each trading partner to be mindful of each other’s position,” the group said. “We must strive to find mutual agreements which keep in mind our shared commitment to the long-term health of the international cotton and textile trade, and to the principles of fair and equitable trading practices on which it is built.”

It has encouraged those engaged in the cotton and textile value chains to jointly and collaboratively commit to:

  • Take actions that are considered and designed to contribute to the recovery of the cotton and textile sectors in 2021 and beyond
  • Communicate, collaborate and be responsive to the needs of their counterparties
  • Continue to respect the trade rules that govern the sectors
  • Recognise and publicise positive behaviours. Identify and call out negative, counter-productive commercial behaviours.

“The strong sense of community in the cotton and textile world will continue to be a source of strength. The constraints we are currently facing will pass and many of the freedoms that we are used to are likely to return before too long. We have confidence in the future of our industry,” it said.

The call comes as global cotton consumption in 2019/20 is set to suffer a 12% decline as demand plummets due to the Covid-19 pandemic, with year-end prices seen falling to their lowest levels in more than a decade, according to the latest projections from the ICAC.

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Free Whitepaper
img

What is the impact of China’s Zero-COVID lockdowns on economic activity, consumer goods and the foodservice industry?

While wanting to protect the country from being overwhelmed by Omicron, China’s adherence to a Zero-COVID policy is resulting in a significant economic downturn. COVID outbreaks in Shanghai, Beijing and many other Chinese cities will impact 2022’s economic growth as consumers and businesses experience rolling lockdowns, leading to a slowdown in domestic and international supply chains. China’s Zero-COVID policy is having a demonstrable impact on consumer-facing industries. Access GlobalData’s new whitepaper, China in 2022: the impact of China’s Zero-COVID lockdowns on economic activity, consumer goods and the foodservice industry, to examine the current situation in Shanghai and other cities in China, to better understand the worst-affected industry sectors, foodservice in particular, and to explore potential growth opportunities as China recovers. The white paper covers:
  • Which multinational companies have been affected?
  • What is the effect of lockdowns on foodservice?
  • What is the effect of lockdowns on Chinese ports?
  • Spotlight on Shanghai: what is the situation there?
  • How have Chinese consumers reacted?
  • How might the Chinese government react?
  • What are the potential growth opportunities?
by GlobalData
Enter your details here to receive your free Whitepaper.

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