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Indonesia signs 2022 International Coffee Agreement

Indonesia's Minister of Trade Zulkifli Hasan on March 8 signed the 2022 International Coffee Agreement (ICA) at the Secretariat of the International Coffee Organisation (ICO) in London, the United Kingdom.
Indonesia signs 2022 International Coffee Agreement ảnh 1Indonesia's Minister of Trade Zulkifli Hasan (R) signs 2022 International Coffee Agreement  (Photo: https://www.kemendag.go.id/)
Jakarta (VNA) – Indonesia's Minister of Trade Zulkifli Hasan on March8 signed the 2022 International Coffee Agreement (ICA) at the Secretariat of theInternational Coffee Organisation (ICO) in London, the United Kingdom.

This move was expected to help increase the Southeast Asiannation’s coffee exports and stabilise coffee prices, thus contributing toimproving farmers’ welfare.

The signing of the ICA is an important milestone forIndonesia to join the ICO and an important step forward to raise the futureposition of its coffee in the international market.

The ICA is an international commodity agreement betweencoffee producing and consuming countries. First signed in 1962, it wasoriginally aimed at maintaining exporting countries' quotas and keeping coffeeprices high and stable in the market, mainly using export quotas to steer theprice.

Indonesia is the 10th among 49 ICO members tosign the 2022 ICA. Earlier, eight exporting countries, namely Brazil, Costa Rica,Nicaragua, Peru, Togo, Venezuela, Panama and Colombia and one importingcountry - Japan - signed this agreement.

The remainders will ink the 2022 ICA before April./.
VNA
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