Depositary
STATUS AS AT : 19-09-2024 03:15:32 EDT
CHAPTER XIX
COMMODITIES
21 . Agreement establishing the Common Fund for Commodities
Geneva, 27 June 1980
Entry into force
:
19 June 1989, in accordance with article 57(1) (see "Note.").
Registration :
19 June 1989, No. 26691
Status :
Signatories : 111. Parties : 113. 1
Text : Certified true copy
United Nations,  Treaty Series , vol.1538, p. 3.
Note :
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:

Date of receipt of the notification: Subject:

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 2
Signature
 Approval(AA), Acceptance(A), Accession(a), Ratification
Afghanistan
 11 Sep 1981
28 Mar 1984
Algeria
 15 Mar 1982
31 Mar 1982
Andean Community
   24 Jan 2008 a
Angola
 29 Jun 1983
23 Jan 1986
Argentina
 22 Sep 1982
 1 Jul 1983
Australia 1, 3
[20 May 1981 ]
 [  9 Oct 1981 ]
Austria 1
[  8 Jul 1981 ]
 [  4 May 1983 ]
Bangladesh
 23 Dec 1980
 1 Jun 1981
Barbados
  2 Jan 1985
 
Belgium 1, 3
[31 Mar 1981 ]
 [  6 Jun 1985 ]
Benin
 10 Sep 1981
25 Oct 1982
Bhutan
 22 Sep 1983
18 Sep 1984
Botswana
 18 Nov 1981
22 Apr 1982
Brazil
 16 Apr 1981
28 Jun 1984
Bulgaria
 29 Jul 1987
24 Sep 1987 AA
Burkina Faso
 20 Aug 1981
 8 Jul 1983
Burundi
  8 Apr 1981
 1 Jun 1982
Cabo Verde
  9 Oct 1981
30 Jul 1984
Cameroon
 30 Jun 1981
 1 Feb 1983
Canada 1
[15 Jan 1981 ]
 [27 Sep 1983 ]
Caribbean Community
   15 May 2007 a
Central African Republic
 28 Jan 1982
 2 Aug 1983
Chad
 16 Dec 1981
 6 Jun 1984
China
  5 Nov 1980
 2 Sep 1981 AA
Colombia
 14 Jun 1983
 8 Apr 1986
Common Market for Eastern and Southern Africa
    3 Feb 1998 a
Comoros
 10 Sep 1981
27 Jan 1984
Congo
 22 Oct 1981
 4 Nov 1987
Costa Rica
 29 Jul 1981
21 Nov 2002 a
Côte d'Ivoire
 15 Jul 1987
29 Oct 1996 a
Cuba
 22 Jun 1983
21 Jul 1988
Democratic People's Republic of Korea
 29 Jun 1983
 5 Jun 1987
Democratic Republic of the Congo
 17 Mar 1981
27 Oct 1983
Denmark
 27 Oct 1980
13 May 1981
Djibouti
  9 Oct 1984
25 Nov 1985
Dominican Republic
 15 Jun 1983
 
East African Community
   25 Apr 2006 a
Economic Community of West African States
    1 May 2009 a
Ecuador
  3 Oct 1980
 4 May 1982
Egypt
 19 Oct 1981
11 Jun 1982
El Salvador
 28 Jun 1983
 
Equatorial Guinea
 22 Jul 1983
22 Jul 1983
Eswatini
 18 Nov 1987
29 Jun 1988
Ethiopia
 30 Sep 1981
19 Nov 1981
Eurasian Economic Community
    6 Mar 2009 a
European Union
 21 Oct 1981
 6 Jul 1990 AA
Finland
 27 Oct 1980
30 Dec 1981
France
  4 Nov 1980
17 Sep 1982 AA
Gabon
 10 Sep 1981
30 Nov 1981
Gambia
 23 Oct 1981
14 Apr 1983
Germany 4, 5
10 Mar 1981
15 Aug 1985
Ghana
  1 Dec 1982
19 Jan 1983
Greece
 21 Jul 1981
10 Aug 1984
Grenada
 28 Jun 1983
 
Guatemala
  1 Jun 1983
22 Mar 1985
Guinea
  6 Oct 1981
 9 Dec 1982
Guinea-Bissau
 11 Sep 1981
 7 Jun 1983
Guyana
  8 Jun 1983
 
Haiti
 19 Jan 1981
20 Jul 1981
Honduras
 28 Jun 1983
26 May 1988
India
 18 Sep 1981
22 Dec 1981 A
Indonesia
  1 Oct 1980
24 Feb 1981
Iraq
  7 Apr 1981
10 Sep 1981
Ireland
 24 Feb 1981
11 Aug 1982
Italy
 17 Dec 1980
20 Nov 1984
Jamaica
  6 Jan 1983
 7 Jan 1985
Japan 1
[28 Nov 1980 ]
 [15 Jun 1981 A]
Kenya
 10 Mar 1982
 6 Apr 1982
Kuwait
  1 Dec 1981
26 Apr 1983
Lao People's Democratic Republic
   17 Dec 2002 a
Lesotho
  7 Sep 1981
 6 Dec 1983
Liberia
 21 Oct 1981
 
Luxembourg 1
[29 Dec 1980 ]
 [  4 Oct 1985 ]
Madagascar
  8 Jun 1983
21 Oct 1987
Malawi
 17 Mar 1981
15 Dec 1981
Malaysia
 30 Dec 1980
22 Sep 1983
Maldives
 19 May 1988
11 Jul 1988
Mali
 17 Jun 1981
11 Jan 1982
Mauritania
 18 Oct 1988
28 Aug 1990
Mexico
 19 Dec 1980
11 Feb 1982
Morocco
 22 Jan 1981
29 May 1987
Mozambique
 21 Dec 1982
30 Sep 1993 a
Myanmar
   21 Nov 1996 a
Nepal
  7 Sep 1981
 3 Apr 1984
Netherlands (Kingdom of the) 6
 1 Oct 1980
 9 Jun 1983 A
New Zealand 1, 7
[12 Feb 1982 ]
 [27 Sep 1983 ]
Nicaragua
  7 Sep 1981
 5 Mar 1984
Niger
 19 Oct 1981
19 Oct 1981 AA
Nigeria
 20 Jul 1981
30 Sep 1983
Norway
 27 Oct 1980
15 Jul 1981
Organization of African Unity
   16 Mar 1998 a
Pakistan
  4 May 1982
 9 Jun 1983
Papua New Guinea
 27 Oct 1981
27 Jan 1982
Peru
 25 Sep 1981
29 Jul 1987
Philippines
 24 Feb 1981
13 May 1981
Portugal
 30 Jan 1981
 3 Jul 1989
Republic of Korea
 27 Nov 1981
30 Mar 1982
Russian Federation
 14 Jul 1987
 8 Dec 1987 AA
Rwanda
  6 Oct 1981
23 Mar 1983
Samoa
  2 Apr 1982
 6 Mar 1984
Sao Tome and Principe
 20 Jun 1983
 6 Dec 1983
Saudi Arabia
 11 Jan 1983
16 Mar 1983
Senegal
 11 Nov 1981
20 Jun 1983
Sierra Leone
 24 Sep 1981
 7 Oct 1982
Singapore
 17 Dec 1982
16 Dec 1983
Somalia
 27 Oct 1981
27 Aug 1984
Southern African Development Community
   18 Dec 2007 a
Spain
 27 May 1981
 5 Jan 1984
Sri Lanka
 21 Jan 1981
 4 Sep 1981
St. Lucia
 20 Dec 1984
 
Sudan
 13 May 1981
30 Sep 1983
Suriname
 20 Jun 1983
 
Sweden
 27 Oct 1980
 6 Jul 1981
Switzerland
 30 Mar 1981
27 Aug 1982
Syrian Arab Republic
 26 Mar 1982
 8 Sep 1983
Thailand
  8 Jun 1983
 6 Aug 1992 a
Togo
 29 Jun 1983
10 Apr 1984
Trinidad and Tobago
   22 Jan 1998 a
Tunisia
  2 Mar 1982
15 Dec 1982
Türkiye 1
[  7 Sep 1981 ]
 [29 Aug 1990 ]
Uganda
 19 Mar 1982
19 Mar 1982
United Arab Emirates
  8 Jun 1982
26 Apr 1983
United Kingdom of Great Britain and Northern Ireland
 16 Dec 1980
31 Dec 1981
United Republic of Tanzania
  7 Sep 1981
11 Jun 1982
United States of America
  5 Nov 1980
 
Uruguay
 13 Feb 1986
 
Venezuela (Bolivarian Republic of)
  5 Dec 1980
31 Mar 1982
West African Economic and Monetary Union
    9 Jun 2009 a
Yemen 8
16 Dec 1981
14 Jan 1986
Zambia
  3 Feb 1981
16 Mar 1983
Zimbabwe
  8 Jun 1983
28 Sep 1983
Declarations and Reservations
(Unless otherwise indicated, the declarations and reservations were made
upon ratification, acceptance, approval or accession. )
Argentina

Reservation 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.
Belgium

       In 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.
Bulgaria

Upon signature:

       [Same declaration identical in substance, mutatis mutandis, as that made by the Union of Soviet Socialist Republics.]

Cuba

Reservation:

       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 Federation

Declaration 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 Republic

Declaration:

       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.
Objections
(Unless otherwise indicated, the objections were made
upon ratification, acceptance, approval or accession.)
Israel

14 November 1983

       "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."
Declarations made under article 11 (1) of the Agreement (Procedure for the payment of Shares of Directly Contributed Capital) 9, 10
Participant
 Procedure selected [formula (a) or (b)] under article 11 (1)
 Currency selected (by States having chosen procedure of payment (b))
 Amended option (currency selection indicates option (b))
Argentina
 (b)
 French francs
[Australia 1 ]
 [(a)]
 [n/a]
 [French franc]
[Austria 11 ]
 [(b)]
 [Deutsche mark]
 [French franc]
Bangladesh
 (b)
 US dollar
 French franc
[Belgium]
 [(b)]
 [French franc]
 []
[Canada]
 [(b)]
 [French franc]
 [n/a]
Central African Republic
 (b)
 French franc
Democratic People's Republic of Korea
 (a)
French franc
Denmark
 (b)
 French franc
Finland
 (b)
 French franc
Germany 4, 5, 12
(b)
 [Deutsche mark]
Ghana
 (b)
 French franc
Greece
 (b)
 French franc
India
 (a)
French franc
Ireland
 (b)
 French franc
Italy
 (b)
 French franc
Jamaica
 (a)
French franc
[Japan 1 ]
 [(a)]
 []
 []
Lao People's Democratic Republic 13
(b)
 French franc
Malawi
 (b)
 US dollar
Malaysia
 (b)
 US dollar
 French franc
Mauritania
 (b)
 French franc
Morocco
 (b)
 French franc
Mozambique
French franc
[New Zealand 1 ]
 [(b)]
 [French franc]
 [n/a]
Niger
 (b)
 US dollar
Norway
 (a)
French franc
Pakistan
 (b)
 US dollar
 (a)
Papua New Guinea
 (b)
 US dollar
Peru
 (b)
 French franc
Republic of Korea
 (a)
French franc
Singapore
 (b)
 Pound sterling
 French franc
Spain
 (b)
 French franc
Sri Lanka
 (a)
French franc
Swaziland
 (b)
 French franc
Sweden
 (a)
French franc
Switzerland
 (a)
French franc
Trinidad and Tobago
US dollar
Tunisia
 (b)
 French franc
[Turkey 1 ]
 [(a)]
 [n/a]
 [French franc]
United Kingdom of Great Britain and Northern Ireland
 (b)
 Pound sterling
United Republic of Tanzania
 (b)
 US dollar
Venezuela (Bolivarian Republic of)
 (a)
French franc
End Note
1The 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:

3
Participant: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
Japan7 Sept 20127 Sept 2013
Belgium10 Dec 201210 Dec 2013
Luxembourg30 Sept 201431 Dec 2015
Austria9 January 201510 January 2016
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 (See, C.N.251.1981 TREATIES-10 of 29 September 1981) and 14 January 1986 (See, C.N.6.1986 TREATIES-1 of 10 March 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.