Global Pulse Federation formulates Colombo Accord to finalize pulse transactions amounting to US$ 100 billion

Global Pulse Federation formulates Colombo Accord to finalize pulse transactions amounting to US$ 100 billion

Over 500 high profile global pulses heavyweights arrived in Sri Lanka last week to finalise the Colombo Accord, which is the biggest milestone in the global pulses industry.
Sri Lanka’s Ministry of Industry and Commerce state that the Accord once concluded, shall cover colossal pulses transactions volume of US$ 100 billion-the entire value of global pulses trades done annually.
“I thank the Global Pulse Confederation (GPC) for choosing Sri Lanka to host this event in Colombo. It’s an honour to us,” Sri Lanka’s Minister of Industry and Commerce Rishad Bathiudeen has said last week.
Minister Bathiudeen made this observation while addressing the “Pulses 18 -The Future of Food” the latest in Global Pulse Confederation’s Convention series unveiled in Colombo last Tuesday (8).
Over 500 leading pulse and legume industry representatives from 40 countries were at this high profile, three-day session which was aimed at concluding the Colombo Accord – the blueprint for industry growth involving production, consumption, trade policy and trade contracts of global pulses industry.
“The Colombo Accord is the biggest milestone in world pulses trade history and a milestone in world food trade-the Accord calls for free and fair trade in global pulse industry. It’s, in some way, like the Uruguay round of WTO talks for this industry. We, the industry players, must be unified. This Accord is the blueprint for the GPC to strengthen the role that pulse crops play through their contribution to social and economic goals at national and international levels” GPC President Huseyin Arslan has reportedly said.
“GPC Members are committed to working together and with our partners across the value chain, to build knowledge and awareness to expand pulse crop production in countries around the world, increase pulse consumption in the diets of people and animals, foster predictable and transparent trade environments at the government and trade levels, increase order and discipline in pulse trade, and promote the use of “GPC Contract” that protects the interests of the entire value chain. The GPC will act to ensure WTO member countries’ trade policies on tariffs and quantitative restrictions are compliant with WTO obligations,” Arslan has added.

OSL take:
The holding of a key confab of the Global Pulse Federation in Sri Lanka and the formulation of the Colombo Accord to address global pulse trade issues has created a significant position for the country. Sri Lanka is also a key producer of pulses. The move by the Federation to expand the cultivation of pulses around the world has opened a new investment opportunity in Sri Lanka’s agri business sector.

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Article Code : VBS/AT/15052018/Z_1

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