§ Dr. Twinnasked the Minister of Agriculture, Fisheries and Food if he will seek to secure that the price objectives of international cocoa agreements are in future denominated in a representative basket of currencies.
§ Mrs. FennerNegotiations for a new International Cocoa Agreement are within the competence of the European Community. Her Majesty's Government are seeking, together with our EC partners and other consuming countries, a new agreement based on a realistic view of the market and taking account of the problems caused by currency fluctuations.
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§ Dr. Twinnasked the Minister of Agriculture, Fisheries and Food if he will take steps to seek amendment of the International Cocoa Agreement 1980 so as to permit adjustment of the price objectives to compensate for fluctuations in international currency markets.
§ Mrs. FennerThe 1980 Agreement expires this September. The question of its further extension, including the application of any price range, is linked to the prospects for further negotiation of a successor Agreement and cannot be determined at this stage. I fully appreciate, however, the need to take into account in this context the effect of currency fluctuations.