asked the Secretary of State for Trade what estimate has been made of the loss or gain to the United Kingdom balance of payments of the Common Fund proposals for commodity stabilisation; what commodities will be covered by these proposals; and who will administer the Common Fund.
At the recent UNCTAD Common Fund Conference there was a wide measure of consensus that the aim of a fund should be to stabilise commodity prices around longer-term market trends. On such a basis the long-term effect on the United Kingdom balance of trade would be neutral. The financial structure, commodity coverage, and management of a fund would depend on further negotiations which, as I replied today to a Question from my hon. Friend the Member for Thornaby (Mr. Wrigglesworth), it is proposed should be resumed later this year.
asked the Secretary of State for Trade what was the outcome of the negotiating conference on a common fund which was held in Geneva.
The United Nations Negotiating Conference on a Common Fund ended on 3rd April. The conference did not adopt a formal decision or resolution. Instead the chairman, Ambassador Walker of Jamaica, made a statement in which he summed up his understanding of the principal developments during the session and invited the conference to reconvene not later than November this year.Following is the Chairman's statement: