Japan’s decision to exit from the membership of the London-based International Coffee Organisation(ICO) is regrettable, said Nestor Osario, executive director, ICO. However, the exit of Japan from the ICO, since October 1, is unlikely to have any bearing on the international coffee trade, he maintained.
“We are sad that Japan has resigned from the ICO,” said Osorio, speaking to Business Standard on the sidelines of the India International Coffee Festival (IICF-2009) that concluded here today.
Japanese authorities have communicated to ICO that their decision to quit ICO is on the back of the economic weakness being witnessed by the country. It is believed that Japan contributed 60,000 pound sterling to ICO, whereas the latter’s budget is pegged at 3 million pound sterling.
“Japan has resigned not just from the ICO but also from other commodity organisations. Japanese buyers are private entities and they would continue to buy coffee as usual,” Osario said. Japan’s annual off-take of 7 million bags (of 60-kg each) makes it the fourth largest consumer in the world.
