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STATUS AS AT : 23-04-2014 08:12:57 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 : 114. Parties :. 116 1
Text :
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
28 Jan 1986
Argentina
22 Sep 1982
 1 Jul 1983
Australia 1
[20 May 1981 ]
[  9 Oct 1981 ]
Austria
 8 Jul 1981
 4 May 1983
Bangladesh
23 Dec 1980
 1 Jun 1981
Barbados
 2 Jan 1985
 
Belgium 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
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
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 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
 
Swaziland
18 Nov 1987
29 Jun 1988
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
Turkey 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
 8 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
1.The 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

2.The 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.
3.The 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.
4.See  note 1 under “Germany” regarding Berlin (West) in the “Historical Information” section in the front matter of this volume.
5.See note 2 under “Germany” in the “Historical Information” section in the front matter of this volume.
6.For 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.
7.The Agreement shall also apply to the Cook Islands and Niue.
8.The 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.
9.At 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.

10.Prior 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).
11.In 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.
12.On 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).
13.As converted into the Euro on 1 January 2002.