WTO, ITC launch cotton portal to enhance transparency
The World Trade Organisation (WTO) and the International Trade Centre (ITC) launched an online platform for market intelligence for cotton products at the recent 11th WTO Ministerial Conference in Buenos Aires. The portal will contribute to a more efficient cotton trading system by offering improved transparency to cotton producers, traders and policymakers.
The Cotton Portal is designed for exporters, importers, investors and trade support institutions to search business opportunities and market requirements for cotton products. It provides a single window for all cotton-specific information available in WTO and ITC databases on market access, trade statistics, country-specific business contacts and development assistance-related information as well as links to relevant documents, webpages and to other organizations active in the cotton sector.
Market opportunities in the sector can be better harnessed using the portal, according to a WTO press release.
“By gathering all the relevant information, it means that we can better monitor the implementation of the Market Access commitments made by members in Nairobi,” according to WTO director general Roberto Azevêdo.
The 2015 Nairobi Ministerial Decision on Cotton contains provisions on improving market access for least-developed countries, eliminating export subsidies, and the efforts to be made to reform domestic support. It also underlines the importance of effective assistance to support the cotton sector in developing countries.
Businesses will have easier access to trade and market intelligence, allowing them to add additional value to their exports, ITC executive director Arancha González said. (DS)
Source From: Fiber2Fashion.com