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Thursday, 21 March 2013

EU will extend the Grain Trade Convention 1995

The EU is in favour of the extension of the Grains Trade Convention 1995 - this was decided at the Council meeting on Agriculture and Fisheries held in Brussels on 18-19 March 2013.
The extension of the Convention shall be decided at the next session of the International Grains Council (IGC)  in London on 10 June 2013.
The GTC applies to trade in wheat, coarse grains ( maize, corn, barley, sorghum and other grains) and rice. It seeks to further international cooperation in grains trade; The Convention strives for market transparency through information-sharing, analysis and consultation on grain market and policy developments.
The Convention also establishes the IGC as an intergovernmental forum for cooperation in grains trade matters. The functions of the IGC are to oversee the implementation of the GTC, to discuss current and prospective world grain market developments, and to monitor changes in national grain policies and their market implications.
The GTC, was approved by the EU and entered into force on 1 July 1995 for a period of three years until 30 June 1998. Since then, it has regularly been extended and will expire on 30 June 2013.

Source: European Council