International Cocoa Agreement
International Cocoa Agreement: first concluded in 1972 after 17 years of negotiations and renegotiated in 1975, 1980, 1986 and 1993. A new agreement to succeed the 1993 agreement was negotiated in February 2001. It is due to enter into force definitively on 1 October 2003 or at any time afterwards once the ratification requirements have been met. The Agreement no longer operates a buffer stock. The objectives of the current Agreement include, among others, (a) the development and strengthening of cooperation in the international cocoa economy, (b) contributing to a balance between supply of and demand for cocoa in the world market, and (c) promotion of transparency in the world cocoa economy through the collection and dissemination of statistics and other data on cocoa. The Agreement's administrative body, the International Cocoa Organization, is 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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