International Tin Agreement
International Tin Agreement: first concluded in 1931 and renewed in 1934. These early agreements did not allow for consumer representation. The third agreement, concluded in 1937, invited the two largest consumer countries to attend its meetings. The agreement was renegotiated to include producers and consumers in 1954, then 1961, 1966, 1971, 1975 and in 1980 for a duration of five years. All versions of the agreement established a buffer stock and ran a system of export quotas. This, in the end, became one of the reasons for the undoing of the Agreement in 1985. It appears that the buffer stock manager's forward dealings on the London Metals Exchange were a major factor in an emerging funds shortage. Another reason was that some major producers and consumers were not members, and they therefore were not bound by the Agreement's provisions. Views differ on the causes of the Agreement's demise. See also International Tin Study Group.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
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Author of the text: W. Goode
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