• Short Summary

    Negotiators at the United Nations Conference on Trade and Development (UNCTAD) agreed on Saturday (29 May) to discuss setting up a common fund to finance world commodity stockpiles.

  • Description

    Negotiators at the United Nations Conference on Trade and Development (UNCTAD) agreed on Saturday (29 May) to discuss setting up a common fund to finance world commodity stockpiles.

    The agreement was a break-through on an issue that had brought the conference, in Nairobi, Kenya, to deadlock.

    A common fund to Finance international stocks -- in which surpluses are stockpiled against future shortages and price rises -- was a main demand of developing countries at the conference.

    The conference was due to end on Friday night, but was extended by a day in a final effort to stave off a confrontation between rich and poor nations.

    The early morning agreement, reached by ministers and chief delegates of a small group of key countries, has still to be presented to the main negotiating groups in UNCTAD and cleared by governments.

    The Angolan, Peruvian and Ghanaian delegates spoke in favour of setting up a common fund.

    Ghanaian Minister for Trade and Tourism, Mr. K.A. Quarshe, said his country was willing to take part in negotiations with industrial countries over the setting up of the fund.

    SYNOPSIS: Third World and industrialised countries have been meeting in Nairobi, Kenya, for a United Nations conference on Trade and Development. The developing countries demanded the setting up of a common fund to finance stockpiling of surplus materials to counter shortages and price rises.

    Pitra Benvindo, the representative of the new Angolan government, which would benefit from the setting up of such a fund, said it would create a solid material base, allowing harmonious and permanent development. In the spirit of his country's struggle against imperialism, he said, Angola was in favour of the establishment of a new international economic order, based on the real values of materials which changed hands between industrial and developing countries. He said it was necessary for the industrialised nations to help the Third World financially and technologically.

    Peruvian delegate, Alfonso Anas Sehruker, also spoke for the setting up of a common fund. The conference was to end on Friday, but was deadlocked over the issue of the fund. In a final attempt to save off a confrontation between rich and poor countries it was extended a day.

    Agreement was reached in the early hours of Saturday morning between ministers and representatives of key Third World and industrialised countries, to discuss the setting up of a fund. Terms of such a fund, which would be financed mainly by the rich nations, would require long and tedious bargaining. One Third World offer to help in the negotiations came from Ghana's Trade and Tourism Minister, Mr. K.A. Quarshe.

  • Tags

  • Data

    Film ID:
    VLVA9OAH3E1FUGDYR2B8QLLVGBK3X
    Media URN:
    VLVA9OAH3E1FUGDYR2B8QLLVGBK3X
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    29/05/1976
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:02:22:00
    Time in/Out:
    /
    Canister:
    N/A

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