Under the Federal Law, the Russian Federation ratifies the 2010 International Agreement on Cocoa, adopted in Geneva on June 25, 2010 and signed on behalf of the Russian Federation Government in New York on October 1, 2014.
The Agreement promotes the development of a strategic partnership between member countries that export and import cocoa and provides an appropriate framework for consultations and talks among governments, and with the private sector, aimed at achieving a long-term balance between supply and demand on the cocoa market.
By becoming a party to the Agreement, Russia gets the opportunity to put on the agenda of the meetings held by the global community of cocoa producers and consumers issues that are of economic significance for the country’s confectionary industry. This primarily applies to ensuring the availability of high quality raw material for the domestic industry, thereby creating conditions for increasing production of high-quality local produce.
The Agreement formalises the binding nature of International Cocoa Council resolutions for its participants and in this connection is subject for ratification in accordance with Federal Law On International Agreements of the Russian Federation.