HL Deb 23 February 1981 vol 417 cc970-1WA
Lord Brockway

asked Her Majesty's Government:

Which countries have agreed to ratify the establishment of UNCTAD's Common Fund for commodities; which countries have indicated that they will meet their financial obligations; what these amounts are and which have paid; what percentage of the Fund's capital has to be promised before it comes into operation; and when this is anticipated.

The Parliamentary Under-Secretary of State, Department of Trade (Lord Trefgarne)

By 5th February 1981, 24 states had signed the Agreement establishing the UNCTAD Common Fund for commodities. None of them had ratified it. The states concerned are Indonesia, Netherlands, Ecuador, Denmark, Finland, Norway, Sweden, France, USA, China, Japan, Venezuela, United Kingdom, Italy, Mexico, Bangladesh, Luxembourg, Malaysia, Canada, Haiti, Sri Lanka, Morocco, Portugal and Zambia. The shares of directly contributed capital accounted for by the 24 signatory states would, if eventually subscribed, amount to US 218.8 million dollars, or 46.5 per cent. of subscriptions to the total capital requirement of US 450 million dollars. In addition, pledges of voluntary contributions to the Second Account of the Fund so far amount to approximately US 232.5 million dollars, or 83 per cent. of the target of US 280 million dollars. No payments of either sort are due until after the Agreement establishing the Common Fund has entered into force. Entry into force will take place after at least 90 states, accounting for not less than two-thirds of directly contributed capital, have ratified the Agreement, and provided that these requirements have been fulfilled by 31st March 1982 or, failing that, by such later date as may be decided upon by those states which have by then ratified the Agreement.