INSIGHTS
- ICA has partnered with TextileGenesis to bolster ethical trading and sustainability in the cotton industry.
- The MoU allows for digital collaboration between the two entities, such as sharing information about companies that fail to meet arbitration awards.
- The move is aligned with ICA's existing commitments with various global organisations.
The International Cotton Association (ICA) has signed a memorandum of understanding (MoU) with TextileGenesis last month to demonstrate the close cooperation between organisations. This MoU promotes cooperation between the organisations and enables digital collaboration on ethical trading and sustainability for the betterment of the industry.
One way this will be achieved is through the ICA sharing names of companies who have not fulfilled arbitration awards and TextileGenesis alerting their users of these companies, the two entities said in a joint media release.
ICA president, Tim North said: "TextileGenesis is a world leader in textile value chain traceability. This memorandum of understanding with the ICA means that all those engaged in the cotton supply chain—from field to fashion—will be aware that they might be dealing with a company which the ICA has labelled not safe to trade with. We look forward to working together to promote the ethical business practices, sustainability, and sanctity of contracts amongst all our members.”
Amit Gautam, CEO & founder of TextileGenesis, added: “ICA is the world’s leading international cotton trade association and deeply involved across the value chain in settling trade arbitrations, providing them unparalleled insights into companies that don’t fulfil their arbitration commitment. It’s one of the key components of risk metrics that we alert our users on TextileGenesis. ICA cooperates closely with major cotton standards that we partner with creating further synergies between us.”
TextileGenesis is a pioneering traceability platform custom built for the fashion and textile ecosystem.
The ICA also has a formal commitment and bilateral agreement on safe trading with Better Cotton (BCI) and existing MoUs with China Cotton Association (CCA), China National Cotton Exchange (CNCE), Cotton Association of India (CAI), Aid by Trade Foundation with its Initiative, Cotton Made in Africa (CmiA), International Textile Manufacturers Federation (ITMF), and U.S. Cotton Trust Protocol.
Πηγή: fibre2fashion