CHAPTER XIX

COMMODITIES21Agreement establishing the Common Fund for CommoditiesGeneva, 27 June 1980Entry into force19 June 1989, in accordance with article 57(1)(see "Note.").Registration19 June 1989, No. 26691StatusSignatories115Parties1171TextUnited Nations, <i>Treaty Series </i>, vol.1538, p. 3.The Agreement was adopted on 27 June 1980 by the United Nations Negotiating Conference on a Common Fund under the Integrated Programme for Commodities, which met at Geneva from 5 to 27 June 1980 under the auspices of the United Nations Conference on Trade and Development (UNCTAD). The Agreement was opened for signature at the Headquarters of the United Nations, New York, on 1 October 1980, and will remain open for signature until one year after the date of its entry into force. At a meeting convened on 3 June 1982 in Geneva by the Secretary-General of UNCTAD, under article 57 (1) of the Agreement, the Contracting Parties decided to extend until 30 September 1983 the time-limit for the fulfilment of the requirements for its entry into force. Subsequently, by a later decision taken at a Meeting of those States which had deposited prior to 30 September 1983 an instrument of ratification, approval or acceptance, which was held on 19 June 1989, it was decided further to extend to 19 June 1989 [the date of the decision] the date by which the requirements should be fulfilled. Further, the Governing Council notifiied the Secretary-General of the following: <b>Date of receipt of the notification: Subject:</b> 11 November 2002 Establishment of conditions of accession by Costa Rica. 20 November 2002 Establishment of conditions of accession by the Lao People's Democratic Republic. 24 October 2005 Establishment of conditions of accession by the East African Community. 26 March 2007 Establishment of conditions of accession by the Caribbean Community, the Econnomic Community of West African States, the Andean Community, the Southern African Development Communityand for Vanuatu. 26 October 2007 Establishment of conditions of accession by the West African Economic and Monetary Union. 4 February 2008 Establishment of conditions of accession for the West African Economic and Monetary Union. 7 May 2009 Establishment of conditions of accession for the Economic Community of West African States. 7 May 2009 Establishment of conditions of accession for the Eurasian Economic Community. 7 May 2009 Establishment of conditions of accession for the West African Economic and Monetary Union. 14 May 2009 Establishment of conditions of accession for Vanuatu.

Participant<superscript>2</superscript>SignatureApproval(AA), Acceptance(A), Accession(a), RatificationAfghanistan11 Sep 1981 28 Mar 1984 Algeria15 Mar 1982 31 Mar 1982 Andean Community24 Jan 2008 aAngola29 Jun 1983 28 Jan 1986 Argentina22 Sep 1982 1 Jul 1983 Australia<superscript>1</superscript>[20 May 1981 ][ 9 Oct 1981 ]Austria 8 Jul 1981 4 May 1983 Bangladesh23 Dec 1980 1 Jun 1981 Barbados 2 Jan 1985 Belgium<superscript>3</superscript>31 Mar 1981 6 Jun 1985 Benin10 Sep 1981 25 Oct 1982 Bhutan22 Sep 1983 18 Sep 1984 Botswana18 Nov 1981 22 Apr 1982 Brazil16 Apr 1981 28 Jun 1984 Bulgaria29 Jul 1987 24 Sep 1987 AABurkina Faso20 Aug 1981 8 Jul 1983 Burundi 8 Apr 1981 1 Jun 1982 Cameroon30 Jun 1981 1 Feb 1983 Canada<superscript>1</superscript>[15 Jan 1981 ][27 Sep 1983 ]Cape Verde 9 Oct 1981 30 Jul 1984 Caribbean Community15 May 2007 aCentral African Republic28 Jan 1982 2 Aug 1983 Chad16 Dec 1981 6 Jun 1984 China 5 Nov 1980 2 Sep 1981 AAColombia14 Jun 1983 8 Apr 1986 Common Market for Eastern and Southern Africa 3 Feb 1998 aComoros10 Sep 1981 27 Jan 1984 Congo22 Oct 1981 4 Nov 1987 Costa Rica29 Jul 1981 21 Nov 2002 aCôte d'Ivoire15 Jul 1987 29 Oct 1996 aCuba22 Jun 1983 21 Jul 1988 Democratic People's Republic of Korea29 Jun 1983 5 Jun 1987 Democratic Republic of the Congo17 Mar 1981 27 Oct 1983 Denmark27 Oct 1980 13 May 1981 Djibouti 9 Oct 1984 25 Nov 1985 Dominican Republic15 Jun 1983 East African Community25 Apr 2006 aEconomic Community of West African States 1 May 2009 aEcuador 3 Oct 1980 4 May 1982 Egypt19 Oct 1981 11 Jun 1982 El Salvador28 Jun 1983 Equatorial Guinea22 Jul 1983 22 Jul 1983 Ethiopia30 Sep 1981 19 Nov 1981 Eurasian Economic Community 6 Mar 2009 aEuropean Union21 Oct 1981 6 Jul 1990 AAFinland27 Oct 1980 30 Dec 1981 France 4 Nov 1980 17 Sep 1982 AAGabon10 Sep 1981 30 Nov 1981 Gambia23 Oct 1981 14 Apr 1983 Germany<superscript>4,5</superscript>10 Mar 1981 15 Aug 1985 Ghana 1 Dec 1982 19 Jan 1983 Greece21 Jul 1981 10 Aug 1984 Grenada28 Jun 1983 Guatemala 1 Jun 1983 22 Mar 1985 Guinea 6 Oct 1981 9 Dec 1982 Guinea-Bissau11 Sep 1981 7 Jun 1983 Guyana 8 Jun 1983 Haiti19 Jan 1981 20 Jul 1981 Honduras28 Jun 1983 26 May 1988 India18 Sep 1981 22 Dec 1981 AIndonesia 1 Oct 1980 24 Feb 1981 Iraq 7 Apr 1981 10 Sep 1981 Ireland24 Feb 1981 11 Aug 1982 Italy17 Dec 1980 20 Nov 1984 Jamaica 6 Jan 1983 7 Jan 1985 Japan28 Nov 1980 15 Jun 1981 AKenya10 Mar 1982 6 Apr 1982 Kuwait 1 Dec 1981 26 Apr 1983 Lao People's Democratic Republic17 Dec 2002 aLesotho 7 Sep 1981 6 Dec 1983 Liberia21 Oct 1981 Luxembourg29 Dec 1980 4 Oct 1985 Madagascar 8 Jun 1983 21 Oct 1987 Malawi17 Mar 1981 15 Dec 1981 Malaysia30 Dec 1980 22 Sep 1983 Maldives19 May 1988 11 Jul 1988 Mali17 Jun 1981 11 Jan 1982 Mauritania18 Oct 1988 28 Aug 1990 Mexico19 Dec 1980 11 Feb 1982 Morocco22 Jan 1981 29 May 1987 Mozambique21 Dec 1982 30 Sep 1993 aMyanmar21 Nov 1996 aNepal 7 Sep 1981 3 Apr 1984 Netherlands<superscript>6</superscript> 1 Oct 1980 9 Jun 1983 ANew Zealand<superscript>1,7</superscript>[12 Feb 1982 ][27 Sep 1983 ]Nicaragua 7 Sep 1981 5 Mar 1984 Niger19 Oct 1981 19 Oct 1981 AANigeria20 Jul 1981 30 Sep 1983 Norway27 Oct 1980 15 Jul 1981 Organization of African Unity16 Mar 1998 aPakistan 4 May 1982 9 Jun 1983 Papua New Guinea27 Oct 1981 27 Jan 1982 Peru25 Sep 1981 29 Jul 1987 Philippines24 Feb 1981 13 May 1981 Portugal30 Jan 1981 3 Jul 1989 Republic of Korea27 Nov 1981 30 Mar 1982 Russian Federation14 Jul 1987 8 Dec 1987 AARwanda 6 Oct 1981 23 Mar 1983 Samoa 2 Apr 1982 6 Mar 1984 Sao Tome and Principe20 Jun 1983 6 Dec 1983 Saudi Arabia11 Jan 1983 16 Mar 1983 Senegal11 Nov 1981 20 Jun 1983 Sierra Leone24 Sep 1981 7 Oct 1982 Singapore17 Dec 1982 16 Dec 1983 Somalia27 Oct 1981 27 Aug 1984 Southern African Development Community18 Dec 2007 aSpain27 May 1981 5 Jan 1984 Sri Lanka21 Jan 1981 4 Sep 1981 St. Lucia20 Dec 1984 Sudan13 May 1981 30 Sep 1983 Suriname20 Jun 1983 Swaziland18 Nov 1987 29 Jun 1988 Sweden27 Oct 1980 6 Jul 1981 Switzerland30 Mar 1981 27 Aug 1982 Syrian Arab Republic26 Mar 1982 8 Sep 1983 Thailand 8 Jun 1983 6 Aug 1992 aTogo29 Jun 1983 10 Apr 1984 Trinidad and Tobago22 Jan 1998 aTunisia 2 Mar 1982 15 Dec 1982 Turkey<superscript>1</superscript>[ 7 Sep 1981 ][29 Aug 1990 ]Uganda19 Mar 1982 19 Mar 1982 United Arab Emirates 8 Jun 1982 26 Apr 1983 United Kingdom of Great Britain and Northern Ireland16 Dec 1980 31 Dec 1981 United Republic of Tanzania 7 Sep 1981 11 Jun 1982 United States of America 5 Nov 1980 Uruguay13 Feb 1986 Venezuela (Bolivarian Republic of) 5 Dec 1980 31 Mar 1982 West African Economic and Monetary Union 9 Jun 2009 aYemen<superscript>8</superscript>16 Dec 1981 8 Jan 1986 Zambia 3 Feb 1981 16 Mar 1983 Zimbabwe 8 Jun 1983 28 Sep 1983 ArgentinaReservation made upon signature and maintained upon ratification:The Argentine Republic, exercising its prerogative under article 58 of the Agreement, enters a reservation regarding article 53 of that Agreement as it cannot accept compulsory arbitration as the only means of settling disputes of the kind referred to in this article, and as it believes that the parties to such disputes must be free to determine by mutual agreement the means of settlement best suited to each particular case.BelgiumIn accordance with article 11, paragraph 3, of the Agreement, the payment of the Paid-in Shares subscribed by Belgium (2,640,699 Units of Account) will be effected in three instalments in accordance with the specified procedure, the first of which will take place within 60 days after the entry into force of the Agreement.With regard to the amount subscribed by Belgium for Payable Shares (915,543 Units of Account), it shall be subject to call by the Fund, in accordance with article 11, paragraph 4, only as provided in article 17, paragraph 12.BulgariaUpon signature:<i>[Same declaration identical in substance, </i>mutatis mutandis, <i> as that made by the Union of Soviet Socialist Republics.] </i>CubaReservation:The Government of the Republic of Cuba declares, in con- formity with article 58 of the Agreement, that it does not consider itself bound by the arbitration procedures for the settlement of disputes established in article 53.Japan"The Government of Japan shall contribute to the initial resources of the Second Account of the Common Fund an amount in Japanese yen that is equivalent to twenty-seven million United States dollars (U.S.$27 million) in accordance with article 13 of the Agreement."“The Government of Japan opts for payment of the above contribution in three equal annual instalments, with the first one to be made in cash or in notes within one year after the entry into force of the Agreement. The notes are understood to be irrevocable, non-negotiable, non-interest bearing promissory notes, issued in lieu of a cash payment and payable to the Fund at par value upon demand. It is also understood that the notes are to be treated in the same manner as notes of the same kind from other contributors.”Russian FederationDeclaration made upon signature and confirmed upon approval:In view of its well known position, the Union of Soviet Socialist Republics cannot recognize the legality of the names "Republic of Korea" and "Democratic Kampuchea" contained in the schedules to the Agreement establishing the Common Fund for Commodities.Singapore"The Government of the Republic of Singapore declares that it is not in agreement with the manner in which the share of individual countries to the Directly Contributed Capital was determined. Nevertheless, the Government of the Republic of Singapore will make contributions as presently indicated in schedule A of the Agreement. This should not however prejudice in any way Singapore's position on its share of any contributions to be made under other agreements."Syrian Arab RepublicDeclaration:Our accession to and ratification of the Agreement shall not in any way imply recognition of Israel and shall not, conse-quently, lead to involvement with it in any transactions as are regulated by the provisions of the Agreement.Reservation:The Syrian Arab Republic enters a reservation in respect of article 53 of the Agreement, with regard to the binding nature of arbitration.Venezuela (Bolivarian Republic of)Upon signature, maintained upon ratification:With reservation as to article 53.Israel<right>14 November 1983</right>"The Government of the State of Israel has noted that the instrument deposited by the Syrian Arab Republic contains a declaration of a political character in respect of the State of Israel. In the view of the Government of the State of Israel this Agreement is not the place for making such political pronouncements. Moreover, the said declaration cannot in any way affect whatever obligations are binding upon the Government of the Syrian Arab Republic under general international law or under specific conventions.The Government of the State of Israel will, in regard to the substance of the matter, adopt towards the Government of the Syrian Arab Republic an attitude of complete reciprocity."14Argentina(b)French francs[Australia<superscript>1</superscript>][(a)][n/a][French franc]Austria<superscript>11</superscript>(b)Deutsche markFrench francBangladesh(b)US dollarFrench francBelgium(b)French franc[Canada][(b)][French franc][n/a]Central African Republic(b)French francDemocratic People's Republic of Korea(a)French francDenmark(b)French francFinland(b)French francGermany<superscript>4,5,12</superscript> (b)[Deutsche mark]Ghana(b)French francGreece(b)French francIndia(a)French francIreland(b)French francItaly(b)French francJamaica(a)French francJapan(a)Lao People's Democratic Republic<superscript>13</superscript>(b)French francMalawi(b)US dollarMalaysia(b)US dollarFrench francMauritania(b)French francMorocco(b)French francMozambiqueFrench franc[New Zealand<superscript>1</superscript>][(b)][French franc][n/a]Niger(b)US dollarNorway(a)French francPakistan(b)US dollar(a)Papua New Guinea(b)US dollarPeru(b)French francRepublic of Korea(a)French francSingapore(b)Pound sterlingFrench francSpain(b)French francSri Lanka(a)French francSwaziland(b)French francSweden(a)French francSwitzerland(a)French francTrinidad and TobagoUS dollarTunisia(b)French franc[Turkey<superscript>1</superscript>][(a)][n/a][French franc]United Kingdom of Great Britain and Northern Ireland(b)Pound sterlingUnited Republic of Tanzania(b)US dollarVenezuela (Bolivarian Republic of)(a)French franc1The Secretary-General was informed by the Common Fund for Commodities that, pursuant to article 30 of the Agreement, the following Governments had notified the Common Fund, by a letter on the following dates, their decision to withdraw from the Common Fund. The withdrawal became effective on the dates specified by the Governments, which were not less than twelve months after the receipt of their notice by the Fund, as indicated hereinafter: 3Participant:Date of the notification:Effective date: Australia15 Aug 199120 Aug 1992 Canada8 Jun 19929 Jun 1993 New Zealand15 Feb 199317 Feb 1994 Turkey29 Jul 19941 Aug 1995 2The former Yugoslavia had signed and ratified the Agreement on 7 January 1982 and 14 February 1983, respectively. See also note 1 under “Bosnia and Herzegovina”, “Croatia”, “former Yugoslavia”, “Slovenia”, “The Former Yugoslav Republic of Macedonia” and “Yugoslavia” in the “Historical Information” section in the front matter of this volume.3The payment of the voluntary contribution will be made after the entry into force of the Common Fund, the terms of which are specified in article 57 of the Agreement.4See note 1 under “Germany” regarding Berlin (West) in the “Historical Information” section in the front matter of this volume.5See note 2 under “Germany” in the “Historical Information” section in the front matter of this volume.6For the Kingdom in Europe and the Netherlands Antilles. See also note 1 under “Netherlands” regarding Aruba/Netherlands Antilles in the “Historical Information” section in the front matter of this volume.7The Agreement shall also apply to the Cook Islands and Niue.8The Yemen Arab Republic had signed and ratified the Agreement on 7 September 1981 and 14 January 1986, respectively. See also note 1 under “Yemen” in the “Historical Information” section in the front matter of this volume.9At its 9th session held on 20 July 1989, the Governing Council decided that any Member State which had not yet made known its selection of one of the payment procedures provided for in article 11, paragraph 1 (see table), was to notify in writing the Secretary-General of UNCTAD of its selection not later than 18 August 1989, and that any Member State which had not notified its selection by 18 August 1989 would be deemed to have selected the procedure provided for under article 11, paragraph 1 (a). At its 10th session, held on 21 July 1989, the Governing Council decided that the rates of conversion deemed to apply at the date of payment shall be the rate of the Unit of Account as defined in Schedule F of the Agreement and as determined by the International Monetary Fund, on the thirtieth business day before the actual date of payment.10Prior to the entry into force of the Agreement, a number of States had notified a change in the option which they had exercised under article 11 (1) (see depositary notification of 17 July 1989).11In notification received on 10 August 1983, the Government of Austria indicated that, in accordance with article 11 (1) (b), Austria's contribution to the Common Fund for Commodities will be paid in German marks until such time as payment in Austrian shillings becomes possible.12On 8 June 1989, the Government of the Federal Republic of Germany informed the Secretary-General that it had decided to withdraw its notification under article 11 (1).13As converted into the Euro on 1 January 2002.