Glossary of Customs Terms

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International Commodity Agreement (ICA) An international understanding, usually reflected in a legal instrument, relating to trade in a particular commodity, and based on terms negotiated and accepted by most of the countries that export and import commercially significant quantities of the commodity. Some commodity agreements such as those for coffee, cocoa, natural rubber and sugar have centered on economic provisions intended to stabilize the market price within a negotiated price range for the commodity through the use of buffer stocks or export quotas or both. Of these, only rubber currently has economic provisions as part of the agreement. Other commodity agreements (such as existing agreements for jute and jute products, olive oil and wheat) seek to promote cooperation among producers and consumers through improved consultations, exchange of information, research and development, and export promotion.
See also: Buffer Stocks, Commodity, Common Fund, Export Promotion, Export Quotas, Integrated Program for Commodities,