17th Meeting between the Common Fund for Commodities and the International Commodity Bodies

The 17th meeting between the Common Fund for Commodities (CFC) and the International Commodity Bodies (ICBs) was hosted by the International Tropical Timber Organization in Yokohama, Japan on 31 August 2010. In his Opening remarks, the Executive Director of ITTO, Mr. Emmanuel Ze Meka noted that the amount of funds mobilized by ITTO in relation to the enormity of the task of assisting its member countries in addressing the pressing problems and challenges confronting tropical forests was very modest. He also stressed the relevance and potency of the partnership between CFC, the ICBs and the FAO intergovernmental commodity groups in advancing commodity sector development as the key strategy towards improving economies and livelihoods in developing countries.

The Managing Director of the Common Fund for Commodities, Ambassador Ali Mchumo also noted that the annual meetings offered an excellent opportunity for the CFC and the ICBs to reflect on their common goal of commodity development. The meeting reviewed the impact of the financial and economic crisis on commodities; preparations for the Fourth United Nations Conference on the Least Developed Countries (LDC IV) to be convened in Istanbul, Turkey, in 2011; the European Union commodity policies and the role of CFC and ICBs; the future role and mandate of the Common Fund for Commodities; progress report on the implementation of the Third Five-Year Action Plan of CFC; and a Joint ICB/CFC communication strategy. Commodity Bodies represented at the meeting included the International Network for Bamboo and Rattan; International Coffee Organization; International Copper, Nickel and Lead and Zinc Study Groups; International Jute Study Group; International Olive Council; International Rubber Study Group; International Cotton Advisory Council; International Sugar Organization; and ITTO. Other participants were from CFC, FAO, UNCTAD and the European Union.