IGNOU IBO 1 2018 - Explain various International Commodity Agreements.

Question

Explain various International Commodity Agreements.

13 Feb 2018

Answer :

Word Count : 1297

There have been seven major international commodity agreements. These international commodity agreements are given as follows:

International Rubber Agreement

Only this agreement was negotiated under the Integrated Programme of Commodities. It was concluded on 6th October 1979 and came provisionally in force in April 1982. However, the agreement came into operational in November 1981 when the buffer stock manager started buying natural rubber in order to stabilize prolonged decline in natural rubber. This agreement got the support of producers and consumers. Malaysia’s share was 41.5 percent, Indonesia’s 23.5 per cent and Thailand’s 13.8 per cent. There are three countries who together constitute 88 per cent of world exports. The major consumers of natural rubber are: the US -25 per cent, European Community -23 per cent and Japan – 11 per cent. The main concern of all consumers is assured supply. Tyre manufacturers, specially those of radial tyres, needed more rubber. It was estimated that the supply of rubber would grow slowly. Further, consumers were also afraid of inflationary pressures and rise in commodity prices. It was also felt that high prices of petroleum had raised the prices of products based on petro-chemicals. Hence tyre manufacturers were keen on stable prices. The International Natural Rubber Agreement used buffer stock operation to maintain prices at specified level. There was expected to be regular review of prices at every 18 months. Sale from buffer stock and purchase by buffer stock agency was made on the basis of stipulated price. This agreement met with mixed success during its operation. It has managed to hold the price within the specified stabilization range despite a very severe recession in rubber demand. It is criticised that it was done at the cost of a continual accumulation of stocks.

International Sugar Agreement

There have been four international sugar agreements in post war period. The first one was signed in 1953, second in 1958, with a

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