International Cocoa Agreement amended to push for living income wage for farmers
The ICCO said there is a drive for the ICA to be more forward-looking and better adapted to meet current challenges facing the world cocoa economy, including a number of major changes:
- An indefinite duration of the Agreement (subject to review every five years), to bring more stability and sustainability to initiatives implemented under the Agreement.
- Realignment of the provisions of the Agreement with the Sustainable Development Goals (SDGs) to ensure an accelerated development of the world cocoa economy.
- Introduction of a key objective in the Agreement with respect to achieving a living income for cocoa farmers and a reference to remunerative prices to reach economic sustainability.
- Three new articles outlining specific measures to be carried out under the economic, social, and environmental pillars of sustainability.
- Reinvigorating attention on value addition, premium quality, and food safety.
- Supporting research and innovation in the cocoa value chain and expanding cooperation with more donor agencies for financing of cocoa development projects.
The amended ICA, 2010 is now more suitable to address emerging challenges in the world cocoa economy and a veritable tool for the development of national cocoa sectors, the ICCIO said in a release.
All contracting parties to the ICA, 2010 must now complete their internal procedures to prepare and deposit a letter of notification of their acceptance of the amended Agreement with the Secretary-General of the United Nations in his capacity as the Depository of the Agreement.
“Once the required number of exporting and importing Member countries of the Organization have accepted the amendments, the amended ICA, 2010 is expected to become effective by 1 October 2024,” the ICCO said.
The ICCO also announced that the next meeting of its Expert Panel on fine flavour cocoa will be held in Madagascar in June 2023.