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Brazil Senate approves International Coffee Agreement
The Brazilian Senate has approved the text of the International Coffee Agreement, which was originally signed in 2022. The agreement aims to update the rules of the International Coffee Organization (ICO) and align Brazil's operations with the multilateral body's new standards.
Key changes include a reform of how voting rights and financial quotas are calculated. Instead of relying solely on import and export volumes, the new system will consider the total value of trade. This shift is expected to reduce Brazil's financial contribution from 362,050 pounds sterling to 260,966 pounds sterling.
The agreement also introduces a Coffee Public-Private Working Group to tackle price volatility and long-term sector sustainability. Additionally, it allows private sector entities and civil society to become affiliated members of the ICO, granting them the ability to participate in activities and provide technical advice.
Entities
Brazil · Brazilian Senate · Carlos Viana · International Coffee Organization
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] The agreement reformulates the calculation of voting rights and financial quotas for ICO member countries based on total trade value rather than just volume. es1.com.br · noticiamarajo.com.br
- [● 2 SOURCES] Private sector entities and civil society can now be recognized as affiliated members of the ICO. es1.com.br · noticiamarajo.com.br
- [● 2 SOURCES] The agreement updates the rules of the International Coffee Organization (ICO). es1.com.br · noticiamarajo.com.br
- [● 2 SOURCES] Brazil's financial contribution to the ICO will decrease from 362,050 pounds sterling to 260,966 pounds sterling. es1.com.br · noticiamarajo.com.br
- [● 2 SOURCES] The agreement establishes a Coffee Public-Private Working Group to address price volatility and long-term sustainability. es1.com.br · noticiamarajo.com.br
- [● 2 SOURCES] The Brazilian Senate Plenary approved the text of the International Coffee Agreement. es1.com.br · noticiamarajo.com.br