Legal status Trade Association | President Mr Rolf Peters | |
Formation November 17, 1871 (under GAFTA = 1971) Headquarters London, 9 Lincoln’s Inn Fields, WC2A 3BP United Kingdom. Services Contracts, Arbitration, Gafta Trade Assurance Scheme (GTAS), Trade Policy, Education and Training, Events Membership Over 1500 Members in 89 countries | ||
The Grain and Feed Trade Association or GAFTA is an international, London headquartered trade association consisting of traders, brokers, superintendents, analysts, fumigators, arbitrators and other professionals in the international grain trade.
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History and Development
Gafta can trace its origins back to 1878, when the London Corn Trade Association (LCTA) was established by members of the corn trade to protect their interests. The LCTA sought to achieve this through the adoption of standard forms of contract, drawn up by the association, with any disputes arising out of these contracts being settled by arbitration rather than legislation. Disputes were referred to London and conducted under English Law.
In 1906, a group of traders broke away from the LCTA and formed a new more specialised association, the London Cattle Food Trade Association (LCFTA), for those trading in vegetable proteins used as animal feedingstuffs. In 1965, the LCFTA dropped ‘London’ from its title, reflecting growing internationalisation. In 1969, merger talks commenced between the LCTA and CFTA. The outcome of these talks was the formation of a new joint association, the Grain and Feed Trade Association in 1971.
In 2008 the International General Produce Association (IGPA) joined the Grain and Feed Trade Association.
GAFTA is headquartered in Holborn, London and currently operates three more offices in Beijing, Geneva and Kiev.
Goals and main objectives
GAFTA sets out to promote international trade and protect the interests of its members. Activities include definition and regulation of
Impact
According to the Indian Financial Express, 80 percent of world trade with grains is regulated under GAFTA-conditions.