international commodity agreements meaning

[Economics]
Agreements between governments that aim to stabilize the price of commodities. This is often important for producing nations, for whom the revenue from commodity sales may make a major contribution to the national income. Methods tried include government-financed buffer stocks and the imposition of price limits between which the price of the commodity is allowed to fluctuate. Among the commodities for which agreements have been made are coffee, sugar, wheat, cocoa, and tin.

Examples

1. Based on history and tradition, they still see Malaysia as one of the strongest proponents of international commodity agreements.
2. He then served as a consultant to the White House Office of the Special Trade Representative, here he analyzed potential international commodity agreements ..
3. It oversees international commodity agreements and export controls on agricultural commodities, foreign assistance programs and Food for Peace, marketing orders, inspection and certification of meat, flowers, fruit, vegetables and livestock.
4. International commodity agreements covering products such as coffee, sugar, tin and more recently oil ( OPEC : Organization of Petroleum Exporting Countries ) are examples of " international cartels " which have publicly entailed agreements between different national governments.