International Cocoa Council adopts amended Cocoa Agreement, 2010
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The International Cocoa Council has adopted the amended International Cocoa Agreement (ICA) of 2010 at its 106th regular session held from 27-29 September 2022.
The amended ICA 2010, which is a culmination of the review of the implementation of the current agreement, was ratified following the eventual acceptance of all contracting parties to the agreement.
The agreement emphasises the need for the International Cocoa Organisation (ICCO) to be more forward-looking and better adapted to meet current challenges facing the world cocoa economy. It also contains some major changes and developments, which include an indefinite duration of the Agreement (subject to review every five years) to bring more stability and sustainability to initiatives implemented under the agreement; realignment of the provisions of the agreement with the Sustainable Development Goals (SDGs) to ensure an accelerated development of the world cocoa economy; and introduction of a key objective in the agreement with respect to achieving a living income for cocoa farmers and a reference to remunerative prices to reach economic sustainability.
Also included in the changes and developments are three new articles outlining specific measures to be carried out under the economic, social, and environmental pillars of sustainability; reinvigorating attention on value addition, premium quality, and food safety; and supporting research and innovation in the cocoa value chain and expanding cooperation with more donor agencies for financing of cocoa development projects.
Considering the major development and other changes, the ICCO is confident that the amended ICA, 2010 is now more suitable to address emerging challenges in the world cocoa economy and a veritable tool for the development of national cocoa sectors.
The contracting parties to the ICA, 2010 prior to the adoption are expected to complete their internal procedures to prepare and deposit a letter of notification of their acceptance of the amended agreement with António Guterres, United Nations secretary-general, in his capacity as the depository of the agreement.
The amended ICA, 2010 is expected to become effective by 1 October 2024 following its acceptance of the agreement by the required number of exporting and importing member countries of the International Cocoa Organisation.