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What Are The Objectives Of International Commodity Agreement

The USTR leads U.S. participation in two commodity trade agreements: the International Tropical Timber Agreement and the International Coffee Agreement (ICA). Both agreements create intergovernmental organizations with government councils. The International Tropical Timber Agreement (ITTA) is often referred to as a “hybrid” agreement because it combines a traditional commodity trade agreement with goals that include the sustainable management of tropical forests. ITTA founded the International Tropical Timber Organization (OACT), an intergovernmental organization with 59 members that together identify about 80 percent of the world`s tropical forests and 90 percent of the annual tropical timber trade. These agreements will become economic. The demand and supply of so many exports and primary imports are less elastic. The new ICA aims to strengthen the ICO`s role as a forum for intergovernmental consultations, increase its contributions to meaningful market information and transparency, and ensure that the organization plays a unique role in developing innovative and effective capabilities in the coffee sector. Features of the new agreement include a first “Coffee Financing Advisory Forum” to encourage the development and dissemination of innovations and best practices that can enable coffee farmers to better manage the financial aspects of the inherent volatility and risks associated with competitive and developing markets.

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