India to sign International Coffee Agreement 2007

New Delhi, June 26 (PTI) The government Thursday gave
its approval for signing and ratification of the International
Coffee Agreement, 2007 which aims to strengthen global
co-operation in coffee trade.

International Coffee Agreement (I.P.A.) is a United
Nations pact establishing the International Coffee
Organization. It is designed to help stabilise coffee prices
globally.

"India has significant interest in export of coffee, it
would be immensely benefited from the membership of the
International Coffee Agreement (I.C.A.)," Minister of State in
Prime Minister's Office Prithvi Raj Chavan said after a
meeting of the Cabinet Committee on Economic Affairs.

I.P.A. 2007 will replace the 2001 agreement, which
expires on September 30, 2008.

A total of 50 countries are invited to sign the agreement
as they recognise the exceptional importance of coffee to
their economies.

India produces only 4 percent of the world's coffee but
exports 70-80 percent of its output. During the first five
months of 2008, coffee exports increased by 3.6 percent. It
exported mainly to Italy, Germany and Russia.