The latest International Cocoa Agreement (of 2001) has entered into force – two years after its agreement – sweeping away production quotas, buffer stock rules and other price controls imposed by its five predecessors.
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Instead, it aims to create more sustainability in a sector where prices have been low, creating a consultative board on the issue. It also seeks the active involvement of private companies in reaching its goals, also including transparency in world cocoa markets through the statistical analysis and studies.
The agreement will also promote the creation of farmer cooperatives and the development of new growing methods to strengthen cocoa production in exporting countries. The majority are members along with (European) importing states.
