Kuwait's Minister of Commerce and Industry, Abdul Wahhab Al-Nafeesi, addressed the fourth United Nations Conference on Trade and Development (UNCTAD) which opened in Nairobi on 5 May.
CU Abdul Wahhab Al-Nafeesi, Kuwait's Minister of Commerce and Industry, speaking in Arabic.
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Background: Kuwait's Minister of Commerce and Industry, Abdul Wahhab Al-Nafeesi, addressed the fourth United Nations Conference on Trade and Development (UNCTAD) which opened in Nairobi on 5 May.
He told the conference that Gulf oil-exporting States were determined to maintain their solidarity with other developing nations. He added that they would wholeheartedly support a plan for a common fund to finance commodity buffer-stocks to protect producer countries against world price fluctuations.
The Minister stated that any fund to finance the commodity stockpiles must come primarily from the industrialised nations, which are the main users of the raw materials involved.
Outlining the position of the Gulf States, the Minister said the industrialised countries must not be allowed to evade their responsibility towards the Third World.
He called on them to commit themselves to participate in financing the commodity stockpiles, saying that this would be seen as evidence of good intention on their part.
The conference, which ends on 28 May, has brought together more than 2,000 participants from the 153 UNCTAD member states, as well as observers from numerous United Nations agencies and inter-governmental organisations.