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The Common Fund

Papers Prepared for Commonwealth Technical Group, Volume 1: Papers Prepared by Consultants, September 1977

image of The Common Fund

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The UNCTAD Integrated Programme and Macro-economic Considerations

The Integrated Programme for Commodities, including the idea of a Common Fund, was mooted by the UNCTAD Secretariat late in 1974, revised thereafter and endorsed by UNCTAD IV for further negotiations. It represents a package approach to the solution of the world's commodity problems. The Programme, as outlined in the substantive Resolution 93(iv), sets out seven objectives, including avoidance of excessive price fluctuations, improvement and sustenance of the real income of individual developing countries, improvement of market access and reliability of supply for primary products and the processed products thereof, diversification of production and expansion of agro-processing in developing countries, encouragement of research and development to improve the competitiveness of natural products vis-a-vis synthetics, and improvement of market structures and systems of marketing, distribution and transport in the field of primary commodities. In a convenient summary form, the objectives are(i) to improve the terms of trade of the developing countries and to ensure an adequate rate of growth in the purchasing power of the aggregate earnings of their exports of primary commodities, while minimising short-term fluctuations in these earnings; and (ii) to encourage more orderly development of world commodity markets in the interests of both producers and consumers.

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