The Law ratifies the Grains Trade Convention, 1995, that was concluded on 7 December 1994 in London.
The objective of the agreement is to further international co-operation in all aspects of trade in grains, especially insofar as these affect the food grain situation and to contribute to world food security and to improve the ability of the international community to respond to emergency food situations and other food needs of developing countries.
The main targets of the Convention are: to promote the expansion of international trade in grains, and to secure the freest possible flow of this trade, including the elimination of trade barriers and unfair and discriminatory practices, in the interest of all members, in particular developing members; to contribute to the fullest extent possible to the stability of international grain markets in the interests of all members, to enhance world food security, and to contribute to the development of countries whose economies are heavily dependent on commercial sales of grain; and to provide a forum for exchange.
A relevant bill is registered under Reg. No0166.