Agreement establishing the Common Fund for Commodities

Parties with reservations, declarations and objections

Party	Reservations / Declarations	Objections
Argentina	Yes	No
Australia	Yes	No
Austria	Yes	No
Bangladesh	Yes	No
Belgium	Yes	No
Bulgaria	Yes	No
Canada	Yes	No
Central African Republic	Yes	No
Cuba	Yes	No
Democratic People's Republic of Korea	Yes	No
Denmark	Yes	No
Eswatini	Yes	No
Finland	Yes	No
Germany	Yes	No
Ghana	Yes	No
Greece	Yes	No
India	Yes	No
Ireland	Yes	No
Italy	Yes	No
Jamaica	Yes	No
Japan	Yes	No
Laos	Yes	No
Malawi	Yes	No
Malaysia	Yes	No
Mauritania	Yes	No
Morocco	Yes	No
Mozambique	Yes	No
New Zealand	Yes	No
Niger	Yes	No
Norway	Yes	No
Pakistan	Yes	No
Papua New Guinea	Yes	No
Peru	Yes	No
Republic of Korea, the	Yes	No
Russian Federation	Yes	No
Singapore	Yes	No
Spain	Yes	No
Sri Lanka	Yes	No
Sweden	Yes	No
Switzerland	Yes	No
Syria	Yes	No
Tanzania	Yes	No
Trinidad and Tobago	Yes	No
Tunisia	Yes	No
Türkiye	Yes	No
United Kingdom	Yes	No
Venezuela	Yes	No

Argentina

22-09-1982

The Argentine Republic, exercising its prerogative under article 58 of the Agreement, enters a reservation regarding article 53 of that Agreement as it cannot accept compulsory arbitration as the only means of settling disputes of the kind referred to in this article, and as it believes that the parties to such disputes must be free to determine by mutual agreement the means of settlement best suited to each particular case.

01-07-1983

Argentina declares that it has selected the procedure provided for in Article 11(1) (b), of the Agreement for the payment of shares of Directly Contributed Capital subscribed by Argentina and that the said payments shall be made in French Francs, at the rate of conversion as at the date of this Agreement.

Australia

09-10-1981

In accordance with article 11 (1) of the Agreement, it has decided that all payments of shares of directly contributed capital subscribed by Australia shall be made in any usable currency at the rate of conversion between that usable currency and the unit of account as at the date of payment.

Austria

10-08-1983

The Government of Austria indicated that, in accordance with article 11(1)(b), Austria's contribution to the Common Fund for Commodities will be paid in German marks until such time as payment in Austrian shillings becomes possible.

Bangladesh

18-11-1981

All payments in respect of Bangladesh's shares of the directly contributed capital in the Common Fund would be made, under article 11, paragraph 1(b), of the Agreement, in US dollars.

Belgium

06-06-1985

With reference to article 11, paragraph l(b), of the Agreement, the Government of Belgium hereby informs the Fund that it will effect the payments of Shares of Directly Contributed Capital on the understanding that the Usable Currency selected will be the French franc (FF), the sums in FF to be remitted being determined on the occasion of each payment by the sums to be paid expressed in Units of Account of the Common Fund, at the rate of 1 Unit of Account = FF 5.42029.
In accordance with article 11, paragraph 3, of the Agreement, the payment of the Paid-in Shares subscribed by Belgium (2,640,699 Units of Account) will be effected in three instalments in accordance with the specified procedure, the first of which will take place within 60 days after the entry into force of the Agreement.
With regard to the amount subscribed by Belgium for Payable Shares (915,543 Units of Account), it shall be subject to call by the Fund, in accordance with article 11, paragraph 4, only as provided in article 17, paragraph 12.
Belgium's voluntary contribution to the Second Account will be a commitment in Belgian francs (BF 100 million). The payment of this voluntary contribution will be made after the entry into force of the Common Fund, the terms of which are specified in article 57 of the Agreement.

Bulgaria

29-07-1987

In the light of its well-known position, the People's Republic of Bulgaria cannot recognize as legitimate the titles "Republic of Korea" and "Democratic Kampuchea", as contained in the annexes to the Agreement establishing the Common Fund for Commodities.

Canada

27-09-1983

The Government of Canada declares that it has selected the procedure provided for in Article 11 (1) (b), of the Agreement for the payment of shares of Directly Contributed Capital subscribed by Canada and that the said payments shall be made in French Francs, at the rate of conversion as at the date of this Agreement.

Central African Republic

21-03-1984

The Government of the Central African Republic declares, pursuant to article 11, paragraph 1 (b), of the Agreement, that the payments of Shares of Directly Contributed Capital subscribed by the Central African Republic shall be made in French Francs.

Cuba

21-07-1988

The Government of the Republic of Cuba declares, in conformity with article 58 of the Agreement, that it does not consider itself bound by the arbitration procedures for the settlement of disputes established in article 53.

Democratic People's Republic of Korea

17-08-1987

The payments of Shares of Directly Contributed Capital subscribed by the Democratic People's Republic of Korea shall be made in dollars at the rate of conversion as at the date of payment.

Denmark

13-05-1981

In accordance with article 11 of the Agreement, it has decided that all payments of shares of directly contributed capital subscribed by Denmark shall be made in French Francs at the rate of conversion between French Francs and the Unit of account as at the date of the Agreement, i.e. 27 June 1980.

Eswatini

29-06-1988

The payments of Shares of Directly Contributed Capital subscribed by Swaziland shall be made in accordance with article 11 paragraph 1 (b), in French francs.

Finland

18-11-1982

The payments of shares of Directly Contributed Capital subscribed by Finland shall be made, in terms of article 11, paragraph 1(b), in French Francs.

Germany

23-09-1985

The payments of Shares of Directly Contributed Capital subscribed by the Federal Republic of Germany shall be made in Deutsche Marks.

08-06-1989

The Government of the Federal Republic of Germany decided to withdraw its notification under article 11(1).

Ghana

19-06-1989

Ghana has chosen the procedure provided for in article 11, paragraph 1(b) of the Agreement for its payment of shares of Directly Contributed Capital in French Francs.

Greece

26-11-1984

Payments of Shares of Directly Contributed Capital subscribed by Greece shall be made in French francs at the rate of this Agreement.

India

22-12-1981

India has chosen the procedure provided for in article 11, paragraph 1(a) of the Agreement for its payment of shares of Directly Contributed Capital.

Ireland

11-08-1982

The Government of Ireland will make its payments for Shares of Directly Contributed Capital subscribed by Ireland in French Francs, at the rate of conversion between the French Franc and the Fund's Unit of Account as at 27 June 1980, in accordance with article 11(1)(b) of the Agreement Establishing the Common Fund for Commodities.

Italy

20-11-1984

Payments of Shares of Directly Contributed Capital subscribed by Italy shall be made in French francs at the rate of conversion in force as at the date of the Agreement.

Jamaica

07-01-1985

Payments of Shares of Directly Contributed Capital subscribed by Jamaica shall be made in accordance with article 11, paragraph l(a), of the Agreement.

Japan

15-06-1981

The Government of Japan shall contribute to the initial resources of the Second Account of the Common Fund an amount in Japanese yen that is equivalent to twenty-seven million United States dollars (U.S.$27 million) in accordance with article 13 of the Agreement.
The Government of Japan opts for payment of the above contribution in three equal annual instalments, with the first one to be made in cash or in notes within one year after the entry into force of the Agreement. The notes are understood to be irrevocable, non-negotiable, non-interest bearing promissory notes, issued in lieu of a cash payment and payable to the Fund at par value upon demand. It is also understood that the notes are to be treated in the same manner as notes of the same kind from other contributors.
In accordance with article 11 of the Agreement, the Government of Japan has decided that payments of the Shares of Directly Contributed Capital subscribed by Japan shall be made in Japanese yen at the rate of conversion between Japanese yen and the Unit of Account valid on the date of each payment.

Laos

17-12-2002

The payments of Shares of Directly Contributed Capital subscribed by the Lao People's Democratic Republic shall be made in accordance with article 11 paragraph 1 (b), in French Francs (as converted into the Euro on 1 January 2002.

Malawi

29-03-1982

The payments of Shares of Directly Contributed Capital subscribed by Malawi shall be made, in terms of article 11, paragraph 1(b) in US dollars.

Malaysia

07-03-1984

The payments of Shares of Directly Contributed Capital subscribed by Malaysia shall be made in accordance with article 11 paragraph 1 (b), is US dollars.

Mauritania

28-08-1990

The payments of Shares of Directly Contributed Capital subscribed by Mauritania shall be made in accordance with article 11 paragraph 1 (b), in French Francs.

Morocco

29-05-1987

The Government of Morocco declares that it has selected the procedure provided for in Article 11 (l)(b), of the Agreement for the payments of Shares of Directly Contributed Capital subscribed to by Morocco and that the said Payments shall be made in French francs, at the rate of conversion as at the date of this Agreement.

Mozambique

30-09-1993

The payments of Shares of Directly Contributed Capital subscribed by Mozambique shall be made in accordance with article 11 paragraph 1, in French Francs

New Zealand

27-09-1983

Payments of Shares of Directly Contributed Capital subscribed by New Zealand shall be made in French francs at the rate of conversion between French francs and the Unit of Account as at the date of the Agreement.

Niger

31-01-1983

The payments of shares of Directly Contributed Capital subscribed by the Niger shall be made, in terms of article 11, paragraph 1(b), in US dollars.

Norway

26-10-1981

The payments of shares of directly contributed capital subscribed by Norway will be paid, in accordance with article 11, paragraph 1(a), of the Agreement, in any usable currency at the rate of conversion between that usable currency and the unit of accounts as at the date of payment.

Pakistan

09-06-1983

The payments of Shares of Directly Contributed Capital subscribed by Pakistan shall be made in accordance with article 11 paragraph 1 (b), is US dollars.

Papua New Guinea

27-01-1982

In accordance with article 11, paragraph 1(b), of the Agreement, payments for its shares of Directly Contributed Capital will be made in United States dollars at the rate of conversion between that usable currency and the Unit of Account valid at the date the Agreement was signed.

Peru

29-07-1987

The Government of Peru declares that it has selected the procedure provided for in Article 1 l(l)(b), of the Agreement for the payments of shares of Directly Contributed Capital subscribed by Peru and that the said payments shall be made in French Francs, at the rate of conversion as at the date of this Agreement.

Republic of Korea, the

30-03-1982

The Republic of Korea has chosen the procedure provided for in article 11, paragraph 1(a) of the Agreement for its payment of shares of Directly Contributed Capital.

Russian Federation

14-07-1987

In view of its well-known position, the Union of Soviet Socialist Republics cannot recognize the legality of the names "Republic of Korea" and "Democratic Kampuchea" contained in the schedules to the Agreement establishing the Common Fund for Commodities.

Singapore

17-12-1982

The Government of the Republic of Singapore declares that it is not in agreement with the manner in which the share of individual countries to the Directly Contributed Capital was determined. Nevertheless, the Government of the Republic of Singapore will make contributions as presently indicated in schedule A of the Agreement. This should not however prejudice in any way Singapore's position on its share of any contributions to be made under other agreements.

16-12-1983

The payments of Shares of Directly Contributed Capital subscribed by Singapore shall be made in accordance with article 11 paragraph 1 (b), in Pounds sterling.

Spain

04-04-1984

Payments of shares Directly Contributed Capital subscribed by Spain shall be made in French francs at the rate of conversion in force as at the date of the Agreement.

Sri Lanka

02-02-1982

The payments of Shares of Directly Contributed Capital subscribed by Sri Lanka shall be made, in terms of article 11, paragraph (a), of the Agreement, in any Usable Currency at the rate of conversion between that usable Currency and the Unit of Account as at the date of payment.

Sweden

06-07-1981

For its Share of Directly Contributed Capital it has chosen the mode of payment foreseen in article 11, paragraph 1(a) of the Agreement.

Switzerland

27-08-1982

In accordance with article 11 of the Agreement, Switzerland will use the method described in paragraph 1(a) of the said article for its payment of shares of Directly Contributed Capital, that is to say, payment will be made in any usable currency at the rate of conversion between that usable currency and the unit of account as at the date of payment.

Syria

08-09-1983

The Syrian Arab Republic enters a reservation in respect of article 53 of the Agreement, with regard to the binding nature of arbitration.
Our accession to and ratification of the Agreement shall not in any way imply recognition of Israel and shall not, consequently, lead to involvement with it in any transactions as are regulated by the provisions of the Agreement.

Tanzania

16-06-1989

The United Republic of Tanzania has chosen the procedure provided for in article 11, paragraph 1(b) of the Agreement for its payment of shares of Directly Contributed Capital in US dollars.

Trinidad and Tobago

22-01-1998

The payments of Shares of Directly Contributed Capital subscribed by Trinidad and Tobago shall be made in accordance with article 11 paragraph 1, in US dollars.

Tunisia

22-07-1983

The payments of shares of directly contributed capital subscribed by Tunisia shall be made, in terms of article 11, paragraph 1(b), in French Francs.

Türkiye

29-08-1990

The payments of Shares of Directly Contributed Capital subscribed by Turkey shall be made in accordance with article 11 paragraph 1 (a), in French francs.

United Kingdom

31-12-1981

The shares of Directly Contributed Capital subscribed by the Government of the United Kingdom of Great Britain and Northern Ireland will be paid in Pounds Sterling at the rate of conversion between the Pound Sterling and the Unit of Account of the Common Fund as at the date of the Agreement.

Venezuela

05-12-1980

With reservation as to article 53.

31-03-1982

Venezuela has chosen the procedure provided for in article 11, paragraph 1(a) of the Agreement for its payment of shares of Directly Contributed Capital.