The Indian Government will soon sign a memorandum of understanding (MoU) with Bangladesh to export 10 lakh bales of cotton every year.
“The MoU will facilitate a government-to-government transaction. The memorandum will be signed soon,” said Pradeep Kumar Agarwal, Chairman-cum-Managing Director, Cotton Corporation of India Limited (CCI).
The CCI will handle the exports to Bangladesh, Agarwal said.
“The MoU was scheduled to be signed during Prime Minister Narendra Modi’s visit to Bangladesh earlier this year. But, due to elections in States such as Bengal, the MoU could not be signed,” he said.
Cotton output for 2020-21 revised downwards to 356 lakh bales
Bangladesh is one of the largest buyers of Indian cotton for its expanding textile industry, particularly garments. The neighbouring country has always wanted India to ensure uninterrupted supply of cotton, and the MoU is a step in that direction.