International commodity agreements
International commodity agreements: ICAs. These are intergovernmental agreements intended to improve the functioning of global commodity markets by balancing the interests of producers and consumers. They are of two types: (a) administrative agreements aimed at promoting transparency in production and market conditions through, for example, statistical work, and (b) economic agreements which seek to influence directly the market price of the commodity concerned. The agreement establishing the Common Fund for Commodities, negotiated under UNCTAD auspices, which aims at the conclusion of economic agreements, sets out four elements it deems necessary for an ICA: (a) agreements and arrangements must be concluded between governments,
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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