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Russia ratifies 2010 International Cocoa Agreement

November 23, 2015, 21:07 UTC+3 MOSCOW
The document contains a series of novations as compared to the 2010 agreement and its ratification promotes development of strategic partnership between exporting and importing countries
1 pages in this article
Cocoa beans at a farm in South West Ivory Coast

Cocoa beans at a farm in South West Ivory Coast

© EPA/LEGNAN KOULA

MOSCOW, November 23. /TASS/. Russian President Vladimir Putin signed the federal law ratifying the 2010 International Cocoa Agreement. The document was published on the official Internet portal of legal information.

"To ratify the 2010 International Cocoa Agreement signed on behalf of the Government of the Russian Federation in New York City on October 1, 2014," the document says.

It is noted that the document contains a series of novations as compared to the 2010 agreement and its ratification promotes development of strategic partnership between exporting and importing countries.

In particular, the agreement provides an opportunity for intergovernmental consultations and negotiations aimed at reaching long-term balance between supply and demand on the cocoa market.

Russia will obtain an opportunity of raising issues important for the domestic confectionery sector by becoming a party to the agreement, particularly those related to supporting availability of high quality raw materials for the national industry.

The International Cocoa Organization was founded in 1973 for implementation of goals and tasks of the International Cocoa Agreement. The 2010 Agreement is the seventh one in the history of the organization.

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