Economic Paper

2310-1385 (online)
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This series examines current economic issues from a Commonwealth perspective. The titles in the series are technical papers of topical interest to specialists concerned with trade, micro and macroeconomics, development economics and related subjects.
The Common Fund

The Common Fund

Papers Prepared for Commonwealth Technical Group, Volume 2: Papers Prepared by the Commonwealth Secretariat, September 1977 You do not have access to this content

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Commonwealth Secretariat
01 Sep 1977
9781848592605 (PDF)
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  • Preface

    Volume 1 of this series presented three papers prepared by private consultants for the Commonwealth Technical Group on the Common Fund. These papers dealt with selected operational aspects of the Common Fund as well as some of the wider issues which must be taken into account in determining the scope of the Common Fund. In this sense the papers in Volume 1 can be described as policy oriented.

  • Some of the Principal Issues in the Negotiations for a Common Fund

    There is agreement by the international community to establish a Common Fund as a new entity to play a key role in achieving the objectives of the Integrated Programme for Commodities as set out in Resolution 93 (IV) at Nairobi. The objectives, functions, form, mode of operations and management of such a fund are still to be negotiated. Taking into account the evolution of the discussions so far, the main issues in the final negotiations and the ones to which the Technical Working Group may wish to pay particular attention would seem to be as given below.

  • The Second Window for “Other Measures”

    It has been widely recognised that stocking operations would be inadequate in many cases for the realisation of the objectives of the Integrated Programme for Commodities. Resolution 93 (IV) listed various non-stocking measures, the implementation of some of which requires financing. In the Manila Programme of Action, it was suggested that these “other measures” might be financed by the Common Fund as part of the Integrated Programme.

  • The Evolution of Proposals on the Constituent Elements of the Common Fund

    The concept of an integrated programme for commodities was formally launched when the United Nations at its Sixth Special Session in May 1974 adopted its Programme of Action on the Establishment of a New International Economic Order with which it was hoped to deal with the severe economic imbalance in the relations between developed and developing countries. Part of that Programme was a call for all efforts to be made for the amelioration of the terms of trade problem of the developing countries and the elimination of their chronic trade deficits.

  • Comparative Study of Estimates of Capital Requirements for Buffer Stock Financing

    This paper attempts to bring together the principal estimates of stocking costs for the ten “core” commodities in the Integrated Programme for Commodities and their underlying assumptions and methods.

  • The Least Developed Countries and the Common Fund

    In this note we examine the justification for and feasibility of providing the least developed countries with preferential measures in the context of the establishment and operation of the Common Fund within the Integrated Programme for Commodities.

  • A Note on Resources of the Existing Buffer Stock Commodity Organisations

    Finance for the International Tin Council has been provided by producers on a mandatory basis; there has been also limited voluntary producer contributions and since the Fourth Agreement voluntary consumer contributions. The principle of mandatory consumer contributions is now gaining wide acceptance notably in the context of the UNCTAD negotiations. Finance from international agencies has been generally limited.

  • The Progress of Negotiations on the Common Fund

    Agreement on Resolution 93(IV) at Nairobi was the beginning of a process of international deliberations on the institution of the elements of the Integrated Programme for Commodities. The Resolution endeavoured to expedite matters by setting a timetable for the completion of negotiations, but this has not proved an altogether effective device. The United Nations Negotiating Conference on a Common Fund, held in March 1977 in keeping with the schedule, took place against a background of persisting disagreement on fundamental issues, to which a series of three preparatory meetings and the Conference itself provided no resolution.

  • Individual Commodity Agreements - Progress of Negotiations

    This paper describes, in respect of the commodities covered by the Integrated Programme for Commodities.

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