Talks on New Sugar Price Pact To Open Next Week
LONDON (AP) _ Officials from leading sugar-trading nations meet in London next week to discuss possible future cooperation to stabilize the world market price of the commodity.
Regulation of world supplies and prices by the International Sugar Organization expired at the end of December 1984 when the old International Sugar Agreement ran out.
The current agreement, which expires at the end of this year, is purely an administrative pact with no powers to control the market.
Whether an attempt should be made to negotiate a replacement with regulatory powers will be the main issue at the upcoming talks which begin May 19 at the organization’s headquarters. The talks are expected to last four or five days, International Sugar Organization delegates said Friday.
A positive decision, however, will depend on the willingness of the big four exporters - the European Community, Cuba, Brazil and Australia - to agree among themselves to enter negotiations, delegate sources said.
Last year, the most recent attempt to negotiate a pact with regulatory powers collapsed, because the big four could not agree on market shares, the sources added.