Minister for Sugar Industry attends the 62nd International Sugar Organization Council Meeting

Minister of Sugar Industry, Hon. Charan J. Singh, is currently attending the 62nd International Sugar Organization (ISO) Council Meeting at Ezulwini in Eswatini, Africa. The theme for this Council meeting is “Resilient Sugar Industries in the midst of Climate Change & Emerging Geopolitics”.

The ISO is the unique intergovernmental body devoted to improving conditions on the world’s sugar market through Debate, Analysis, Special Studies, Transparent Statistics, Seminars, Conferences and Workshops. ISO is based in London, where the 88 member states of the ISO represent 86% of world sugar production, 67% of world sugar consumption, 92% of world exports, 40% of world imports. The proactive attitude to include ethanol from sugar crops in our activities already in the mid-90s helped to promote the increasing role of biofuels in the future energy-mix worldwide.

The ISO exists to administer the internationally negotiated 1992 International Sugar Agreement (ISA), the objectives are to enhance international cooperation with optimum results for every aspect of the sugar industry’s outputs, particularly to increase demand for sugar imports and exports.

Some of the key findings at the meeting were that the ISO had maintained a neutral view on market since February. Raw sugar prices had increased by 26% in last quarter; refined sugar was up by 25%. Contract expiries have been at premiums to the deferred contracts. In most cases international freight rates fell to fresh lows in late Jan and Feb and have since recovered where fuel costs remained steady. It was also noted that Producers were struggling with high input costs and competition for arable land from other commodities.

Other important matters are on the agenda for the 3-day long meeting.