A worldwide deal stabilising the global market in olive oil and olives has been approved by the European Union (EU) Council of Ministers.

It has accepted the renegotiated 2005 International Agreement on Olive Oil and Table Olives, replacing a 1986 deal. The EU dominates world olive oil and olive production.

The new system promotes the adoption of growing and processing technology, creating international standards for this sub-sector, and balancing production and consumption. The agreement will be signed at a United Nations International Olive Oil Council (established by the original agreement) meeting, in Madrid, this week. The new deal comes into force 1 January, remaining until December 2014.