The International Coffee Agreement (ICA) 2007 governing international cooperation on coffee, entered into force on February, 2, 2011. It is the seventh ICA since 1962 and will last for 10 years, with the possibility of extension for a further 8 years.
“I would like to thank all ICO member governments for their commitment to ratifying the ICA 2007. I would also like to extend a warm welcome to five new member governments, Liberia, Timor-Leste, Tunisia, Turkey and Yemen who will increase the geographical representation of coffee producers and consumers under the new agreement. The ICA 2007 is an important instrument for development cooperation and will promote a sustainable coffee economy for the benefit of all stakeholders particularly small farmers in producing countries,” said José Sette, executive director
The entry into force was triggered by the deposit of an instrument of ratification on February 2 by the government of Brazil. To date 34 governments have ratified, accepted or approved the agreement and a further 13 governments have signed it.
The objective of the agreement is to strengthen the global coffee sector and promote its sustainable expansion in a market-based environment for the betterment of all participants in the sector. Important innovations include a new chapter on the development and funding of coffee development projects, and the establishment of a consultative forum on coffee sector finance, responding to the need for increased access to information on topics related to finance and risk management in the coffee sector. The range of statistical data will be expanded, enhancing market transparency, and a new promotion and market development committee will oversee activities including information campaigns, research, capacity-building and studies related to coffee production and consumption.
In 2010, the world coffee trade generated export earnings of around US$16.5 billion for producing countries. Around 600 billion cups of coffee are consumed every year.
The text of the agreement and more information can be found at: www.ico.org.