16 December 1981

Signature and ratification of the Agreement Establishing the Common Fund for Commodities

The General Assembly,

Recalling its resolutions 3201 (S-VI) and 3202 (S-VI) of 1 May 1974, containing the Declaration and the Programme of Action on the Establishment of a New International Economic Order, 3281 (XXIX) of 12 December 1974, containing the Charter of Economic Rights and Duties of States, and 3362 (S-VII) of 16 September 1975 on development and international economic co-operation,

Recalling that the United Nations Negotiating Conference on the Common Fund under the Integrated Programme for Commodities successfully concluded its work on 27 June 1980 by adopting the Agreement Establishing the Common Fund for Commodities,

Recalling that the Agreement has been open at United Nations Headquarters since 1 October 1980 for signatures and deposits of instruments of ratification, acceptance or approval,

Recalling further its resolution 35/60 of 5 December 1980, in paragraph 2 of which the Assembly urged all Governments to complete expeditiously the procedures required for signature and ratification, acceptance or approval of the Agreement Establishing the Common Fund for Commodities,

Mindful of the objectives of the Common Fund for Commodities, namely:

(a) To serve as a key instrument in attaining the agreed objectives of the Integrated Programme for Commodities as embodied in resolution 93 (IV) of 30 May 1976 of the United Nations Conference on Trade and Development,

(b) To facilitate the conclusion and functioning of international commodity agreements, particularly concerning commodities of special interest to developing countries,

Noting that the Agreement shall enter into force by 31 March 1982 if, by that date, instruments of ratification, acceptance or approval have been received from at least ninety States whose total subscriptions of shares comprise not less than two thirds of the directly contributed capital of the Fund, as laid down in article 57 of the Agreement,

Noting further that so far 74 States have signed the Agreement and only 14 States have ratified, accepted or approved it,

Welcoming the pledges already announced for voluntary contributions to the second account of the Fund,

Expressing concern at the slow pace of progress in the signature and ratification of the Agreement,

Concerned also about the slow progress in the negotiations on international commodity agreements and expressing the need to promote the objectives of the Integrated Programme for Commodities through, inter alia, more rapid progress in concluding the negotiations on international commodity agreements,

1. Stresses the need for the early entry into force of the Agreement Establishing the Common Fund for Commodities;

2. Urges States that have not yet done so to sign and ratify the Agreement without delay;

3. Expresses the hope that States which have signed but have not yet ratified the Agreement will expedite the necessary action to that effect;

4. Requests the Secretary-General of the United Nations Conference on Trade and Development to submit a report on the progress being made towards the entry into force of the Agreement to the Preparatory Commission for the Common Fund for Commodities for bringing the Common Fund into operation;

5. Decides to consider at its thirty-seventh session, if by that time the Agreement has not entered into force, the progress made towards the entry into force of the Agreement, taking into account the work of any meetings of States under article 57 of the Agreement as well as any related developments;

6. Also urges States to ensure more rapid progress in concluding the negotiations on international commodity agreements.