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What Are The Objectives Of International Commodity Agreement

The USTR cites U.S. participation in two trade agreements on raw materials: the International Tropical Woods Agreement and the International Coffee Agreement (ICA). These two agreements form intergovernmental organizations with boards of directors. The International Tropical Woods Agreement (ITTA) is often referred to as a “hybrid agreement” because it combines a traditional trade agreement on raw materials with sustainable tropical forest management objectives. ITTA has established the International Tropical Timber Organization (ITTO), a 59-member intergovernmental organization, which together represents about 80 percent of the world`s tropical forests and 90% of the annual tropical timber trade. ITTO promotes market transparency through the collection, analysis and dissemination of data on the production and trade of tropical timber; supports the development, funding and implementation of projects and other measures to strengthen the sustainable management and exploitation capacity of tropical forests; and facilitates intergovernmental consultation and international cooperation on trade and exploitation of tropical timber and sustainable management of its resource base. The main objective of the global agreement on raw materials is to limit export volumes, especially primary goods. The aim is to increase or stabilize export earnings. These agreements will lead to economic agreements. …

The demand and supply of so many primary exports and imports are less elastic. The United States has led recent efforts to renegotiate the ICA and the text of the Seventh International Coffee Agreement (ICA 2007) was adopted by the International Coffee Council on 28 September 2007. The new ICA aims to strengthen the OIC`s role as an intergovernmental consultation forum, increase its contribution to useful market information and transparency, and ensure that the Organization plays a unique role in developing innovative and effective capacity building in the coffee sector. One of the features of the new agreement is a first advisory forum on the financial sector of the coffee sector, which aims to promote the development and dissemination of innovation and best practices, which can enable coffee producers to better manage the financial aspects of the volatility and risks inherent in competitive and developing markets.