02:56 PM EDT, 07/18/2024 (MT Newswires) -- After years of contentious negotiations over a grocery industry code of conduct, all of Canada's major grocers have now agreed to sign on to the new self-regulatory scheme for the first time, The Globe and Mail is reporting on Thursday.

This week, the report noted, both Costco Canada and Walmart Canada agreed to participate in the new rules, following Loblaw Cos. Ltd. ( LBLCF ), which in May also dropped its earlier opposition to the code.

It said this means that all of the largest grocers, as well as a number of regional and local independent retailers across Canada, have now committed to participating, as have all "key suppliers, large and small," that provide food to those stores' shelves. That's according to a report from The Office of the Grocery Sector Code of Conduct interim board of directors, which was provided to Canada's federal, provincial and territorial agriculture ministers on Wednesday.

Thursday's report noted the new code is expected to be implemented by June of next year. Before that can happen, the board still needs to hire an adjudicator who would manage any disputes arising under the code, establish an office to oversee it, and educate people across the industry about the code's requirements, it added.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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