PART II Scope of the Schedule 3.
The intra-Community reference price of copra and coconut oils shall be determined as a result of consultations and negotiations by a Committee of Buyers and Sellers at the Meeting of representatives of Member States (hereinafter called “the Conference on Oils and Fats”). The resultant prices would be presented by the Committee of Buyers and Sellers to the Conference on Oils and Fats for acceptance and notification to COTED.
COTED, on the recommendation of the Conference on Oils and Fats, shall endorse the intraCommunity reference price for the ensuing year in respect of:
copra, which shall be expressed as an f.o.b. price in buyers’ containers;
unrefined coconut oil, which shall be expressed as an f.o.b. price in buyers’ containers.
The Committee of Buyers and Sellers shall undertake consultations and negotiations to determine (a)
the quantities of copra and coconut oil to be purchased and sold by respective buyers and sellers present at the Meeting of the Conference on Oils and Fats;
the period and other particulars under which the transactions at (a) shall be made;
The determination of the Committee of Buyers and Sellers with respect to (a) and (b) shall be presented to the Conference on Oils and Fats for acceptance;
The Conference on Oils and Fats shall notify COTED of the quantities of copra and coconut oil to be traded, the period over which the trade shall be undertaken and other relevant particulars relating to purchase and sale of coconut oil in the Community;
In the determination of the quantities of coconut oil to be supplied by the sellers, the Committee of Buyers and Sellers shall give consideration to information on the availability of copra and coconut oil from the less developed countries.
COTED shall, as necessary, determine the conditions for intra-regional trade in oils and fats, other than coconut oil.
COTED shall, as necessary, determine the conditions for the importation and exportation of substitutes.
Importation of ancillaries shall be free from restriction. PART III Implementation of the Schedule
Member States shall, not later than 31 January in every year, submit to the SecretaryGeneral in such form as COTED may, from time to time prescribe, its estimates of production, domestic consumption requirements, exports and imports in respect of such oils and fats and substitutes as may be determined by COTED. Member States shall provide the Secretary-General, upon request, with such other information as may be required in order to monitor the operation of this Schedule.
The Secretary-General, on the basis of information supplied by Member States, shall keep the Member States informed of production and supply capabilities.
The Meeting of the Conference on Oils and Fats shall be convened by the Secretary-General at least once per year.