The International Coffee Organization (ICO) was set up in 1963 in London, under the auspices of the United Nations (UN) due to the economic importance of coffee. It administers the International Coffee Agreement (ICA), an important instrument for development cooperation. It was a result of the five-year International Coffee Agreement signed in 1962 at the UN in New York City and renegotiated in 1968, 1976, 1983, 1994 and 2007 at the ICO in London. The ICO's headquarters is located at 222 Gray's Inn Road in London and its current executive director is the Brazilian José Sette.