Commodities: Cocoa

LEADING cocoa-producing countries have agreed to draw up plans to co-ordinate supplies, cut stocks and raise consumption to bolster flagging prices.

Delegates said at the end of a five-day meeting of the Cocoa Producers' Alliance (CPA) in Kuala Lumpur that the grouping had decided to set up a permanent committee on production to draw up a supply-management programme.

The CPA was to issue a 'Kuala Lumpur Declaration' yesterday that would reaffirm members' determination to take steps to cut stocks and boost the market.

The CPA committee will also include non-members.