In Geneva the United States and European common market countries are among those discussing the regulation of supplies and prices in the world whet industry in an attempt to help developing countries.
In Geneva the United States and European common market countries are among those discussing the regulation of supplies and prices in the world whet industry in an attempt to help developing countries. progress was made at Monday's (22 January) meeting under the auspices of the United Nations Conference on Trade and Development (UNCTAD). Conference Chairman, Arthur Dunkel, said he believed negotiations had moved closer to an agreement.
SYNOPSIS: It was the third session of the talks since they began in March last year. The previous meeting was suspended in November to allow governments to re-examine their positions on key issues concerning wheat. In the interim, compromises worked out in private consultations have formed a basis for re-opening the seventy-nation conference. Delegations are seeking an agreement which will control wheat prices and ensure supplies. The method proposed is a system of reserve stocks held by both exporting and importing countries. These would be built up when world prices are low, and used when prices are high. A major stumbling block has been provisions for inflation and exchange rate fluctuations.
The opening session agreed that the conference's economic committee should meet to settle such problems. The conference is also discussing a similar approach to coarse grains such as barley and maize, which are mainly used for animal fodder. Officials say there is virtually complete agreement in this field of negotiations. A third area of discussion involves the annual donation of ten million tonnes of wheat to developing countries.
Although individual contributions have yet to be fixed, here too agreement is close.