International Sugar Agreement
International Sugar Agreement: the first sugar agreements were negotiated in the 1860s. A new agreement was concluded in 1931 between producer associations whose governments then had to give effect to its provisions. At the same time, a permanent secretariat was established at The Hague. The agreement aimed to liquidate surplus stocks through export quotas, but it failed in this because non-members raised their production. A second agreement was negotiated in 1937. It provided for representation of consumers and producers. The first post-war sugar agreement was concluded in 1954 and renegotiated in 1958, 1968, 1973, 1977 and 1984. The agreement ran a buffer stock until 1977. The 1984 agreement did not contain economic provisions, but it set itself the task of negotiating a new agreement of this type. A successor administrative agreement entered into force in 1993 for five years, with no limit on the number of possible extensions. The administering body, the International Sugar Organization, is now located in London.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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