To the Congress of the United States:
I am transmitting to you my Third Annual Report on the operation of the International Coffee Agreement as required by P.L. 89-23.
During the past year, the 65 member countries of the Agreement representing over 98 percent of the world trade in coffee continued to work together to stabilize coffee prices at levels equitable to both producers and consumers. Controls over export quotas were strengthened. Selective quota adjustments assured consumers of an adequate supply of various types of coffee at reasonable price levels.
The present Agreement expires on September 30 of this year. Negotiations on an extended Agreement are underway with emphasis on production controls and a diversification and development fund. These measures are designed to hasten the day when production is brought into balance with demand and the controls being implemented under the Agreement can be placed on a standby basis.
The International Coffee Agreement continues to be of major benefit to both producers and consumers and merits the further support of the United States.
LYNDON B. JOHNSON
The White House
January 22, 1968