Jamaica today signed the Agreement establishing the Common Fund Commodities, a central element in the North-South dialogue. The agreement is the result of four years intensive negotiations between developed and developing countries sponsored by the UN Conference on Trade and Development (UNCTAD). A primary objective of the new financial institution is to help International Commodity Agreements finance buffer stocks of commodities in price stabilization schemes. It will also finance other measures such as commodity development.
UN Ambassador Sir Egerton Richardson of Jamaica signs the Agreement as Julio Baez (left), Associate UN Legal Officer for Depository Functions, and UN Legal Counsel Carl-August Fleischhauer look on.