International Cocoa Agreement 2010 Ratification Act signed
President of the Russian Federation Vladimir Putin signed the Federal law "On ratification of International Cocoa Agreement 2010". The proposed law was wrapped up by Ministry for Economic Development of the Russian Federation.
In accordance with the Federal Law, the Russian Federation ratifies International Cocoa Agreement that was approved in Geneva July 25, 2010 and signed in behalf of Government of the Russian Federation in New York October 1, 2014.
The Agreement contributes to development of strategic partnership between the member countries that export or import cocoa, and provides means for carrying out intergovernmental consultations and negotiations, including participation of private sector representatives, aimed at achievement of long-term balance between demand and supply in the cocoa market.
By means of becoming a member of the Agreement, Russia obtains an opportunity to put the matters of high economic importance for confectionery industry of the country on the agenda of the cocoa producers and consumers international community meetings. First of all, it refers to providing quality materials availability for the national production sector.
Therefore, it predetermines high quality domestic products volume increase.
The Agreement enshrines binding character of International Cocoa Council resolutions for its parties, and in this regard is subject to ratification pursuant to subparagraph "d" of paragraph 1 of article 15 of the Federal law "On international agreements of the Russian Federation".
The Federal law was adopted by State Duma on November 11, 2015 and endorsed by the Federation Council on November 18, 2015.