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Monday, 24 May 2010

Council conclusions: EU action in the area of commodities

The 3011th Council meeting on Foreign Affairs held in Brussels on 10 May 2010 adopted conclusions on EU actions in the area of commodities, as set out in document light of the above and bearing in mind the need to ensure supply security, the EU will enhance its comprehensive approach on commodities policy, while maintaining its focus on sustainability and commodity dependence. This will be done by promoting a balanced approach among the three pillars of sustainable development (economic, environmental and social) and working towards further reducing the commodity dependence of developing countries, especially those least developed. The EU will therefore support commodity-related initiatives aimed at fostering the organization of commodity sectors; identifying measures to manage the effects of price volatility; promoting the well-functioning of commodity markets through better market information, transparency and competition; promoting corporate social responsibility and supporting the commodities value chain in all relevant development programmes and strategies in a sustainable manner. The EU underscores the key role of international commodity agreements and International Commodity Bodies (ICBs) as suitable platforms for the sustainable development of the different commodity sectors

Source: Council of the European Union