Indonesia's Minister of Trade Zulkifli Hasan (R) signs 2022 International Coffee Agreement (Photo: https://www.kemendag.go.id/) This move was expected to help increase the Southeast Asian nation’s coffee exports and stabilise coffee prices, thus contributing to improving farmers’ welfare.
The signing of the ICA is an important milestone for Indonesia to join the ICO and an important step forward to raise the future position of its coffee in the international market.
The ICA is an international commodity agreement between coffee producing and consuming countries. First signed in 1962, it was originally aimed at maintaining exporting countries' quotas and keeping coffee prices high and stable in the market, mainly using export quotas to steer the price.
Indonesia is the 10th among 49 ICO members to sign the 2022 ICA. Earlier, eight exporting countries, namely Brazil, Costa Rica, Nicaragua, Peru, Togo, Venezuela, Panama and Colombia and one importing country - Japan - signed this agreement.
The remainders will ink the 2022 ICA before April./.
VNA
