UN General Assembly
1978

134. Let me affirm that we believe a soundly designed common fund could play a useful role in alleviating commodity problems. A well-structured fund will provide economic benefits to participating countries. We also recognize that the establishment of a fund is of major political importance to the general North-South dialogue. 135. We will co-operate with others to bring the common fund negotiations to a successful conclusion. Recent consultations have identified a convergence of views on some issues. All agree that a fund could play a useful role in reducing the over-all financial costs of supporting buffer stocks, which effectively stabilize prices. 136. In addition, there is a growing recognition of the importance of encouraging improved productivity and more effective marketing of many commodities. A separate "second window" of the common fund, based on voluntary contributions and operating under agreed guidelines, might be an appropriate mechanism. We are-prepared to negotiate flexibly on this issue, as on others, if there is a similar approach on all sides.