New York, Jun 25 2010 5:10PM
The world's leading cocoa-producing and consuming countries reached agreement today at a United Nations meeting on a new pact that aims to make the global trade in the $10 billion industry fairer and more sustainable.
The International Cocoa Agreement will take effect in 2012 and last 10 initial years, with possible extensions for two further four-year periods, following the consensus deal reached by exporting and importing nations at the UN Cocoa Conference in Geneva. It is designed to last much longer than previous industry pacts.
The new agreement outlines objectives for a more sustainable cocoa economy, measures to enhance the transparency of the international cocoa market and methods to promote the quality of the crop.
The export value of cocoa bean production in 2009-10 is estimated at $10 billion, according to figures cited by the UN Conference on Trade and Development (<"http://www.unctad.org/Templates/StartPage.asp?intItemID=2068">UNCTAD). Cocoa is grown mainly by smallholder farmers in West Africa, Central and South America and Asia, but largely consumed in affluent countries as chocolate and other products.
Jun 25 2010 5:10PM
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