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July 05, 1993|From Times Staff and Wire Reports

Latin Americans Try to Raise Coffee Prices: Brazil, Colombia and Central American nations agreed to retain 20% of their coffee exports from Oct. 1 to lift world prices, officials said. Brazil's proposal for 20% retention was accepted at a meeting of top Latin American coffee officials after Colombia agreed to change its previous offer of simply limiting its exports to 13 million 120-pound sacks. The officials also agreed on the formation of the Confederation of Coffee Production Nations, which will supervise the retention scheme and direct long-term coffee policy to producer nations. World coffee prices have slumped by up to 50% since a price support agreement of the International Coffee Organization collapsed in 1989. The measures are aimed at forcing consumer nations to use up stocks accumulated over the last four years and thereby force world coffee prices to rise.

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