U.S. and China Cotton Industries Agree to Cooperate Industry leaders in the two countries signed a "Memorandum of Understanding." Published on: Nov 14, 2006 Tweet Post to Your Wall. Email Story RSS Permalink Print The National Cotton Council of America and the China Cotton Association pledged to cooperate with each other Monday. The chairs of the two cotton industry groups signed a "Memorandum of Understanding" at a ceremony at the Memphis Cotton Museum. "This memorandum signals a spirit of cooperation and good will," says NCC Chairman Allen Helms. "We look forward to a successful future of mutually beneficial trade and increased cooperation among the U.S. and Chinese cotton industries." Helms says the U.S. exported 8.6 million bales - about 36% of its cotton crop - to China in the past year. China is the world's largest cotton importer, largest raw cotton consumer (mill level) and the largest cotton producer. U.S. cotton will seek to outpace synthetic fibers in China. "Man-made fibers still represent the greatest challenge to cotton's profitability worldwide," Helms says, "and enhanced basic consumer preference for cotton products in developing economies, such as China, represents the largest opportunity for demand growth."