Issues to address - International Nickel Study Group

Global Commodities Forum:
A NEW INITIATIVE
22-23 March, Palais des Nations, Geneva
A high-level multi-stakeholder and
consensus building platform to address
perennial commodity issues
Rouben Indjikian, GCF Project Officer
Chief, Commodity Policy Implementation & Outreach,
Special Unit on Commodities, UNCTAD
1
Issues to address
Commodity markets are still highly unstable
Extreme price volatility
Many commodity-dependent economies unable to participate
effectively and diversify successfully.
Commodity booms and busts and sometimes excessive
speculation disrupt the continuity investment process
Low elasticity of supply and demand causes quite lengthy
structural mismatches between supply and demand.
Risk management at a micro/local transactional level difficult to
access and at high cost
Smaller scale participants continue to face challenges of access
to finance, logistics and other services in supply chains.
Improvements in functioning of commodity markets and
commodity policies are of importance for achieving sustainable
production and consumption modes

GCF: a multi-stakeholder approach
• History shows that attempts to address
commodity problems only through intergovernmental
negotiations is not enough
• Intervention has in the past created challenges
• GCF is becoming a neutral platform bringing
together key stakeholders
• Only a dialogue between ALL stakeholders
may enable moves towards an optimal balance
between market practices and regulation.
The Structure of GCF
• The first GCF meeting focused on extractive
industries – oil, gas and metals markets
• Plenary and parallel sessions focused on market
instability/price volatility, developing sustainable
supply capacity and making commodities an
“Ëngine for Growth”
• Plenaries tended to be policy focused and the parallel
sessions are more market orientated
• Structure envisages GCF in future as not just a
meeting event but also an information portal. We
plan to develop a GCF eForum website
to distribute UNCTAD analytical materials
(issues for discussion, specialized
journals and publications)

Who came to GCF
• Governments: High level officials including speakers
of ministerial level from Ecuador, UAE, Switzerland,
Qatar, South Africa.
• International agencies including heads CFC,
International Study Groups, deputy head of IEA,
• Private sector – more than 40 banks including
Deutsche Bank, HSBC, SMBC, BNP
• Representative organisations such as the Berne
Union
• Commodity exchanges: CME Group, LME, Dubai
Mercantile Exchange, MCE of Mumbai
• Academics & others
• Around 400 delegates participated
What is the aim of GCF
• Improving communications between key stakeholders
• Creating platform to regain consultation initiative
on key commodity issues
• Improved information-sharing and transparency
• Better understanding volatility and risk issues
• Assessing mechanisms to better contribute to price
discovery/transparency
• Better information flows and possibility to measure
the commodity economy
• Improving access to finance and logistics
• Combining better supply and stock management on
mezzo level with risk management on micro-level
• Searching optimal proportions between regulatory
frameworks and market mechanisms

Reaching all Stakeholders
• Creating high-level neutral platform to bring
all stakeholders of commodity economy
together
• Giving a possibility for regular networking
between policy makers, business leaders,
experts and academics and to find better
solutions to existing problems of the
commodity economy
• Making GCF an important, serious and
trusted platform for all key stakeholders.
Thank you for your attention
rouben.indjikian@unctad.org
For more information see:
www.unctad.org/commodities
www.globalcommoditiesforum.org