CFC and G77 Discuss a New Chapter for Commodity-Dependent Developing Countries
New York, 22 July 2026 - Ambassador Sheikh Mohammed Belal, Managing Director of the Common Fund for Commodities (CFC), met with H.E. Ms. Gabriela González, Deputy Permanent Representative of Uruguay to the United Nations, to discuss strengthening international cooperation in support of commodity-dependent developing countries and advancing a more human-centred approach to global value chains.
The meeting provided an opportunity to exchange views on the role of the Group of 77 and China (G77 and China) in promoting inclusive economic transformation, strengthening South-South cooperation, and ensuring that commodity-producing countries derive greater value from their natural resources.
At the outset of the meeting, Ambassador Belal expressed his sincere appreciation for the recent statement delivered by the Chair of the G77 and China during the UN General Assembly Informal Interactive Dialogue on Commodity Markets in which the Group described the Common Fund for Commodities as "one of the most enduring institutional achievements of the G77", translating South-South solidarity into practical instruments for value addition, diversification, and sustainable livelihoods in commodity-dependent developing countries.
The Managing Director noted that, more than four decades after its establishment, the principles that gave rise to the CFC remain as relevant as ever. With commodity-dependent developing countries continuing to face volatile markets, climate pressures, and widening financing gaps, Ambassador Belal emphasized the importance of strengthening international cooperation to ensure that commodity producers can move beyond exporting raw materials and capture greater value through local processing, innovation, and productive capacity.
Ambassador Belal also presented the CFC's Humanizing the Value Chains initiative, which seeks to place people at the centre of commodity trade. He highlighted that while global commodity markets generate significant economic value, the farmers, workers, and rural communities at the beginning of value chains often receive only a small fraction of the final value of the products they produce.
"Humanizing the value chain is ultimately about fairness. It asks whether the people whose labour sustains global markets are receiving the dignity, opportunity, and fair share they deserve. When farmers prosper, communities prosper, and development becomes more inclusive and sustainable," Ambassador Belal noted.
The discussion also explored the importance of maintaining sustained political attention on commodity-dependent developing countries within the United Nations system.
"Our objective is to create a more structured platform for dialogue and cooperation that helps translate shared political commitments into practical action. Commodity-producing countries should have a stronger voice in shaping international discussions on development finance, value addition, and resilient commodity markets," Ambassador Belal added.
H.E. Ms. Gabriela González reaffirmed the longstanding commitment of the G77 and China to advancing the interests of developing countries and recognized the continued relevance of the CFC in supporting sustainable commodity development.
"The Common Fund for Commodities remains an important institution created through the collective vision of developing countries. Its work demonstrates how South-South solidarity can be translated into practical support for value addition, productive capacity, and improved livelihoods. Continued cooperation will be essential to ensuring that commodity-dependent developing countries can fully participate in and benefit from the global economy," H.E. Ms. González said.
Both sides agreed that stronger partnerships and closer coordination within the United Nations system will be essential to addressing the growing challenges facing commodity-producing countries.
The meeting concluded with Ambassador Belal expressing his appreciation for the continued support of the G77 and China and reaffirming the CFC's commitment to working closely with the Group to advance a more equitable, resilient, and human-centred global commodity economy.
About the Common Fund for Commodities (CFC)
The CFC is a UN-affiliated international financial institution based in Amsterdam, working in over 100 countries to support inclusive economic development through impact investing in commodity value chains.
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Email: managing.director@common-fund.org