The International Forum for Cotton Promotion was formed in November 2000 at the 59th Plenary Meeting of the International Cotton Advisory Committee in Cairns, Australia. The two organizations are separate, with separate budgets and officers. The IFCP is composed of private sector organizations in the cotton industry, while the ICAC is an organization of governments.

While the organizations are separate, they collaborate on matters related to world cotton consumption. The ICAC provides partial funding for IFCP activities, and the ICAC Secretariat manages the IFCP bank account as per instructions from IFCP officers. The ICAC Secretariat assists the IFCP by hosting its web site and by facilitating communication among members.