International Commodity Agreements and the Common Fund for Commodities: Operational Issues

The purpose and objectives of writing the article are to consider the functioning of international commodity agreements and the Common Fund for Commodities. After the decolonization that took place in the 60-70s of the twentieth century, dozens of new independent states of Asia, Africa and Latin America, the former colonies of the West, which were called "developing countries", appeared in the world of the traditional "civilized" countries. For them, the question immediately arose: how to integrate into the current international economic system (IES), without having a developed economy, competitive advantages in the production of most goods - the existing international legal regime did not provide equal opportunities and did not ensure the long-term strategic interests of this group of states. A group of developing countries united in the so - called "Group of 77", a kind of paraorganization, initiated - together with the Soviet Union - the creation of a special international organization (UNCTAD), put forward a number of ideas for "restructuring international economic relations" and "a new international economic order". As a result, such phenomena of an international legal nature as international commodity agreements have appeared in the IES. They play a special role and have specific features in the regulation of commodity markets and in the international trade of"sensitive goods". This is what this article is about. Methodological approach. The work uses general scientific methods, as well as the method of legal interpretation. Results and conclusions. The article concludes about the gradual transformation of the MTS system and international commodity organizations (ITOs) through updating the content of MTS and the competence of ITOs while maintaining agreements and ITOs as a mechanism for sectoral regulation of the world economy by international legal means. The originality and value of the work lies in determining the role and specifics of international commodity agreements. in the regulation of commodity markets and in international trade in "sensitive goods".

international commodity agreements, international economic system (IES), restructuring of international economic relations, international economic order, developing countries, Integrated Commodity Program, Common Fund for Commodities