Group of 77 and China Calls for Increased Support to the Common Fund for Commodities

The Common Fund for Commodities (CFC) welcomes the strong support expressed by the Group of 77 and China (G77) during the United Nations General Assembly's Informal Interactive Dialogue on Commodity Markets held in New York on 21 May 2026. The session, chaired by Ms Annalena Baerbock, President of the General Assembly, brought together Member States and stakeholders for a day-long discussion on commodity markets and their implications for development, trade, food security, industrialization, and economic resilience.

In a statement delivered by the Delegation of Uruguay on behalf of the Group of 77 and China, the Group reaffirmed the central role of commodities in the economies of developing countries and emphasized the need to address longstanding challenges facing commodity-dependent developing countries, including price volatility, limited productive capacities, restricted access to technology, and barriers to value addition and industrialization.

Significantly, the Group called upon countries to increase voluntary contributions to the Common Fund for Commodities, recognizing the Fund's important role in supporting value-addition projects, particularly in agriculture, and in promoting processing and manufacturing activities that can help developing countries capture greater value from their commodity sectors.

Commenting on the statement, Ambassador Sheikh Mohammed Belal, Managing Director of the Common Fund for Commodities, said:

"The endorsement of the Common Fund for Commodities by the Group of 77 and China sends a powerful message about the continued importance of commodities as a driver of sustainable development. We are encouraged by the Group's call for increased contributions to the Fund and its recognition of the role that the CFC plays in promoting economic diversification, value addition, and inclusive growth across developing countries.”

This recognition carries particular significance given the historic role of the Group of 77 in the creation of the international commodity architecture. It was the Group of 77 that championed the Integrated Programme for Commodities (IPC), which was adopted by consensus at UNCTAD IV in Nairobi in 1976 and subsequently endorsed by the United Nations General Assembly. The IPC reflected a shared understanding that both producing and consuming countries had a common interest in more stable, equitable, and development-oriented commodity markets.

The Common Fund for Commodities emerged as one of the most tangible institutional outcomes of that vision. For many years, Member States supported the Fund through assessed and voluntary contributions associated with its treaty-based framework, enabling the CFC to mobilize resources for commodity-dependent developing countries around the world.

The Group's statement is therefore not only an endorsement of the CFC's current work; it is also a reaffirmation of a historic commitment to international cooperation in support of commodity producers and developing economies. At a time of growing global uncertainty, supply-chain disruptions, and commodity market volatility - including the far-reaching consequences of the Strait of Hormuz disruption - this call could not be more timely.

The Sevilla Outcome Document opened the door. The Group of 77 and China has now invited the international community to walk through it.

For media inquiries, please contact:  
[CFC Media Relations Team]
[Email: managing.director@common-fund.org]
[Phone: +31 20 575 4949]