Illustrative image (Photo: in.fashionnetwork.com) Hanoi (VNA) - The Cotton Corporation of India (CCI), which is holdingsurplus stocks of cotton just ahead of the next harvest season, is trying toboost exports of cotton to Bangladesh and Vietnam.
The Economic Times on July 27 said that a memorandumof understanding is being worked out to export 1.5-2 millionbales (of 170 kilogrammes each) of cotton to Bangladesh while thestate-run CCI will also set up its own warehouse in Vietnam to boost cotton exports.
“We are in the process of signing agovernment-to-government memorandum of understanding with Bangladesh to exportabout 15-20 lakh bales of cotton to that country," said CCI Chairman PKAgarwal.
The corporation had procured nearly a third of India’s 2019-20 cotton output.Of the 12.1 million bales it had procured, along with its agent MaharashtraState Cooperative Marketing Federation, it has been able to sell 900,000 balesin the present cotton season, which ends on September 30.
Countries such as Bangladesh, Vietnam and SriLanka have duty-free access to the markets of Europe, the US and China, whichgive them an edge over Indian yarn and garment exporters who have to bear theburden of various duties./.
VNA
