Regulation of International Commodity Trade

In: International affairs: a Russian journal of world politics, diplomacy and international relations, Band 57, Heft 6

Abstract

International trade in commodities is the most traditional form of international trade and makes up more than 20% of world exports. Minerals account for more than 12%, and agricultural commodities and food, for about 9%. The main distinctive feature of mineral and agricultural resources is their uneven distribution. Sharp price fluctuations in the oil, sugar and cocoa markets and steadily rising prices for agricultural commodities and food in 2010 and 2011 attract the attention of politicians, economists and business people. But, in our view, surprisingly little attention is paid to the system of international regulation of primary commodity markets that emerged in the 1970s and worked quite effectively up to the end of the 20th century, but in a globalizing world it can no longer cope with its tasks. The need to reform the system of international organizations, including trade organizations, it obvious. But first it makes sense to take a closer look at the existing interstate commodity market regulation system, where Russia is a member of almost all its organizations. Adapted from the source document.