International Grains Agreement (In) 1995

The International Grains Agreement (IGA) of 1995 is a crucial international agreement that regulates the trade of grains in the global market. The agreement was signed at the United Nations Conference on Trade and Development (UNCTAD) in Geneva, Switzerland, with the primary goal of ensuring stable markets for grains, particularly for developing countries.

The IGA of 1995 replaced the original agreement, which was signed in 1967. The new agreement expanded the scope of regulation to include maize, sorghum, rye, and other small grains in addition to wheat. It also established the International Grains Council (IGC) as the primary regulatory body responsible for overseeing the implementation of the agreement.

One of the crucial aspects of the IGA is the establishment of the Grains Trade Convention (GTC). This convention sets out the principles and guidelines to ensure fair trade practices in the global market for grains. The GTC also provides a framework for dispute resolution between countries involved in grain trading.

Another critical provision of the IGA is the development of a Grains Information System (GIS) to provide timely and accurate information on grains market conditions. The GIS is a vital tool for traders, policymakers, and analysts to make informed decisions regarding grain trade.

The IGA has played a significant role in promoting stable markets for grains globally. It has helped to stabilize prices, reduce trade barriers and promote fair trade practices. The agreement has also contributed to the promotion of food security, particularly in developing countries, by ensuring a steady supply of affordable grains.

In conclusion, the International Grains Agreement of 1995 is an essential international agreement that has played a significant role in promoting fair and stable markets for grains globally. The agreement has ensured fair trade practices, reduced trade barriers and contributed to the promotion of food security. The provisions of the agreement, including the Grains Trade Convention and the Grains Information System, continue to be essential tools in promoting the global trade of grains.