At a summit meeting in Colombia the heads of state of five Latin American countries have agreed to set up a fund to stabilise world coffee prices.
At a summit meeting in Colombia the heads of state of five Latin American countries have agreed to set up a fund to stabilise world coffee prices. They also pledged their support for Panama's efforts to regain control of the Panama canal.
SYNOPSIS: The countries involved in the negotiations over coffee prices were Costa Rica, Mexico, Venezuela and Panama. They accepted a proposal by Mexico to establish a fund aimed at fixing maximum and minimum prices for coffee in order to avoid sharp fluctuations. Prime Minister Michael Manley of Jamaica attended the opening session only.
President Alfonso Lopez Michelsen of Colombia, in the centre, told newsmen after the meeting on saturday (6 August) that the working of the fund would be governed by the provisions of the International Coffee Agreement which went into force last October.
Later this month the proposals will be discussed at a meeting of producing and consuming national in Nairobi, capital of Kenya. Then they'll be submitted to the international coffee organisation in London in September.
In a joint statement on the Panama Canal, the five nations expressed their satisfaction over progress in negotiations between the United States and Panama. The Americans have controlled the canal since 1903, but they've agreed to relinquish control gradually until the Panamanians take over completely at the end of the century. The statement also sided with Panama in its dispute over Guatemala's claim to the British colony of Belize. Earlier this year Guatemala broke off relations with Panama over the Belize question.
Panama's president, General Torrijos, said the future of Belize should be decided by its inhabitants. The statement backed the principle of self-determination and appealed for a peaceful solution.