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