India will soon sign a memorandum of understanding (MoU) with Bangladesh to expand cotton exports. The MoU will be handled by the Cotton Corporation of India Limited (CCI), which canalise export of at least 10 lakh bales of cotton. It was scheduled to be signed during Prime Minister Narendra Modi’s visit to Bangladesh this year, but could not be signed due to state elections.
Bangladesh imports 20 to 30 lakh (each weighing around 120 kgs) bales of cotton from India every year.India will soon sign an MoU with Bangladesh to expand cotton exports. The MoU will be handled by the Cotton Corporation of India Limited (CCI), which canalise export of at least 10 lakh bales of cotton. It was scheduled to be signed during Prime Minister Narendra Modi's visit to Bangladesh this year, but could not be signed due to state elections.#
This is the first time that CCI is trying to enter the export market directly. The contract is in final stages with both the governments actively negotiating the deals, according to Indian media reports.
Bangladesh is reportedly concerned, saying the Indian government takes a lot of time to supply compared to prompt private exporters.
Fibre2Fashion News Desk (DS)
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