Sourcing USA Summit Engages Global Cotton Industry Leaders
Approximately 460 global cotton textile industry leaders from 24 countries attended the sixth biennial Sourcing USA Summit. The event took place from Nov. 9-12 at Terranea® in Rancho Palos Verdes, CA. Themed "Strengthening Enduring Partnerships," the Summit provided strategic thinking and networking opportunities to members of the global cotton and textile industries.
Preliminary survey results show that about 1.2 million bales of U.S. cotton were sold during the Summit, and the expected quantity to sell within three months following the Summit is about 3.5 million bales.
The keynote speaker kicked off the Summit with a thought-provoking futurist's presentation on global business and social trends. Business forums during the Summit covered U.S. cotton fiber qualities and traceability, the global cotton supply chain and the economic outlook for the cotton market. A former CNBC chief economist and co-host of SQUAWK BOX zeroed in on major economic and financial issues of the day. A novel bull and bear debate featuring a panel of global cotton industry leaders concluded the Summit's business forums. Each member of the audience used an interactive voting device to respond to questions pertaining to the speakers and panelists, providing immediate feedback throughout the business forums.
In a post event survey, 89 percent of respondents said the Summit presentations provided substantive new information. Furthermore, 98 percent said they recommend another Summit of this type.
The Summit is organized by Cotton Council International and Cotton Incorporated, with the support of the U.S. cotton industry and USDA. Nineteen U.S. export and 14 allied industry organizations sponsored the event.
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Discover Natural Fibers Initiative (DNFI) Established to Increase Awareness of Natural Fibers, Including Cotton
A coalition between CCI and other international natural fiber organizations established the DNFI to extend the partnership initiated by the International Year of Natural Fibers (IYNF) Steering Committee organizations. The DNFI will build on the success of the IYNF and adopt the same objective, which is "to raise the awareness and profile of natural fibers, including cotton, and emphasize their value to global consumers while helping to sustain farmer income." The decision to continue working closely together was the result of an IYNF committee meeting held in Frankfurt, Germany, in January. DNFI is an alliance of key international natural fiber organizations including CCI, the International Wool Textile Organization (IWTO), the International Cotton Advisory Committee (ICAC), the Bremen Cotton Exchange, the International Textile Manufacturers Federation (ITMF), the International Forum for Cotton Promotion (IFCP) and others.
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