Three kinds of International Pepper Community (IPC) Common Sales Contracts were launched by International Pepper Conclave 2013 in order to standardise the contract terms for export of pepper from various origins.
The International Pepper Conclave 2013 was organised with the assistance of Jakarta-based International Pepper Community (IPC), which is an inter-governmental organisation. All these contracts were earlier approved by member countries of International Pepper Community in 2013. IPC explained that the buyers as well as sellers would adopt the terms of these contracts in some time and trading on these terms would also begin.
The prices of pepper, at present are a little more than 6 US dollar per kg or 6000 US dollar per tonne. There has been area expansion because of higher prices since the year 2010. Also, it has led to better yields through better agronomy and new origins. This would eventually lead to an increase in the production.
It is important to note that the Emirate has become the hub for commodity trade because free trade policies exist there.