UNCTAD-VII: PERU COMPLETES RATIFICATION, BULGARIA SINGS AGREEMENT.

Jul 31, 1987

UNCTAD-VII: PERU COMPLETES RATIFICATION, BULGARIA SINGS AGREEMENT.

GENEVA, JULY 29 (IFDA) – Peru’s vice-Minister of foreign Trade, Jose Ley Elias, deposited here Wednesday his country’s instrument of ratification for the common fund agreement, bringing effective ratifications to 95 countries accounting for 59.39 percent of the directly contributed capital (DCC).

Meanwhile, the Bulgaria’s Deputy Minister of Foreign Trade, Atanas Guinev, signed the agreement, the second socialist country to do so.

At the ceremony to mark Peru’s handing over the instruments of ratification, the UNCTAD secretary-general Kenneth Dadzie said when account was taken of countries who have indicated they would soon ratify the agreement, the margin required for entry into force was only 0.27 percent of the DCC.

So far at the Conference, the Soviet Union (5.78 percent) and Cote D’Ivoire (0.27) have signed the agreement, and announced they would take steps for early ratifications.

Madagascar (0.23) has advised the secretariat that it has ratified, but the instruments are yet to be deposited.

Portugal (0.21), and EEC member, which signed the agreement in 1981, has also announced that its new government and parliament were giving the ratification priority, and would be soon doing so.

Costa Rica (0.27) and Thailand (0.33) have also announced here they would be taking early steps for ratification.

For the agreement to enter into force it needs ratifications form 90 countries accounting for two thirds of the DCC.

If all those who have signed at the Conference, or announced their intention to ratify in fact do so quickly, the two-thirds requirement would be met. But in the case of one or two of them the ratification process might take a little time.

Jose Ley explained at a press conference that though the ratification meant some financial sacrifice for his country at this point (because of debt servicing), it was doing so as a measure of solidarity with the Group of 77.

Dadzie also made the same point and conveyed his appreciation tot he government and people of Peru.