Whereby The "international Tropical Timber Agreement", Done At Geneva On Twenty-Six (26) January In 1994 (1994) Approved

Original Language Title: Por la cual se aprueba el "Convenio Internacional de las Maderas Tropicales", hecho en Ginebra el veintiséis (26) de enero de mil novecientos noventa y cuatro (1994)

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ACT 464 OF 1998
(August 4)
Official Journal No 43360 of 11 August 1998
Through which the "International Agreement on Tropical Timber
" is approved, made in Geneva the twenty-six (26) January
thousand hundred ninety-four (1994). Summary

Term Notes
THE CONGRESS OF COLOMBIA
having regard to the text of the "International Tropical Timber Agreement", done at Geneva on twenty-six (26) January in 1994 (1994).
(To be transliterated: copy of the full text of that instrument, duly authenticated by the Head of the Legal Office of the Ministry of Foreign Affairs are attached).
"INTERNATIONAL TROPICAL TIMBER AGREEMENT 1994 Preamble

The Parties to this Convention,
Recalling the Declaration and Programme of Action on the Establishment of a New International Economic Order, the Integrated Program Commodities, a New Partnership for Development: the Cartagena Commitment and the relevant objectives contained in the "Spirit of Cartagena"
Recalling the International Tropical Timber Agreement, 1983, and recognizing the work done by the International Organization tropical timber and achievements since its inception, including a strategy for achieving international trade in tropical timber from forest resources ordered sustainably,
Recalling further the Rio Declaration on Environment and Development, the non-Legally binding authoritative Statement of principles for a global consensus on the management, conservation and sustainable development of all types of forests and the relevant chapters of Agenda 21, adopted by the Conference of the United Nations Environment and Development in June 1992 in Rio de Janeiro; the Framework Convention of the United Nations on Climate Change and the United Nations Convention on Biological Diversity,
Recognizing the importance of timber to the economies of countries with timber production forests, Recognizing also
the need to promote and apply comparable and appropriate criteria for the management, conservation and sustainable development of all types of timber producing forests,
Given the relationship between trade in tropical timber and the international market the woods and the need to adopt a global perspective to improve transparency in the international timber market,
Noting the commitment made by all members commitment in Bali, Indonesia, in May 1990 to get the year 2000 exports of tropical timber and timber products from these woods come der forest esource sustainably managed, and recognizing Principle 10 of the non-Legally binding authoritative Statement of principles for a global consensus on the management, conservation and sustainable development of all types of forests, principle that should be provided to developing countries new and additional resources to enable them to manage, conserve and develop sustainably their forestry resources, including through afforestation, reforestation and combating financial resources against deforestation and degradation of forests and lands,
Noting further the commitment to maintain, or achieve by the year 2000, the sustainable management of their forests, announced by consuming members who are parties to the International Tropical Timber agreement, 1983 at the fourth session of the United Nations Conference for the Negotiation of a Successor agreement to the International Tropical Timber agreement, 1983 in Geneva on January 21, 1994,
Desiring to strengthen the framework of international cooperation and policy development among members to find solutions to the problems facing the tropical timber economy,
have agreed as follows: CHAPTER I.
| || OBJECTIVES.
ARTICLE 1o. OBJECTIVES. Recognizing the sovereignty of members over their natural resources, as defined in paragraph a) of Principle 1 of the Non-Legally Binding Authoritative Statement of Principles for a Global Consensus on the management, conservation and sustainable development of forests of all kinds, the objectives of the International Tropical Timber Agreement, 1994 (hereinafter referred to as "this Agreement"), are as follows:

A) provide an effective framework for consultation, international cooperation and policy development among all members with regard to all relevant aspects of the world timber economy;
B) provide a forum for consultation to promote non-discriminatory employment practices in the timber trade;
C) contribute to the process of sustainable development;
D) Enhancing the capacity of members to implement a strategy to ensure that by 2000 exports of tropical timber and timber products come from these forest resources sustainably managed;
E) promote the expansion and diversification of international trade in tropical timber from sustainably managed sources by improving the structural conditions in international markets, taking into account, on the one hand, the long-term increase consumption and continuity of supplies, and on the other, prices which reflect the costs of sustainable development and which are remunerative and equitable for members, as well as improved market access;
F) Encourage and support research and development to improve forest management and efficiency of wood utilization as well as increasing the capacity to conserve and enhance other forest values ​​in timber producing tropical forests ;
G) Develop mechanisms to provide new and additional resources and technical expertise necessary to increase the capacity of producing members to achieve the objectives of this Convention and contribute to these mechanisms;
H) To improve market intelligence with a view to achieving greater transparency in the international timber market, including the gathering, compilation, and dissemination of trade related data, including data related to species being traded;
I) Promoting increased and further processing of tropical timber from sustainably managed sources in producing member countries with a view to promoting their industrialization and thereby increasing their employment opportunities and export earnings;
J) To encourage members to support and develop the activities of reforestation and forest management in industrial tropical timber, as well as rehabilitation of degraded forest land, taking into account the interests of local communities dependent on resources forestry;
K) To improve marketing and distribution of tropical timber exports of forest sustainably managed sources;
L) To encourage members to develop national policies aimed at sustainable utilization and conservation of timber producing forests and their genetic resources and maintaining ecological balance in the regions concerned, in the context of the timber trade tropical;
M) To promote access to and transfer of technology and technical cooperation to implement the objectives of this Agreement, including on concessional and preferential terms to be determined by mutual agreement; and
n) To encourage information sharing on the international timber market.
CHAPTER II.
DEFINITIONS.
Article 2.
. DEFINITIONS. For the purposes of this Convention:
1. "Tropical timber" means tropical wood for industrial uses of non-coniferous species growing or produced in the countries situated between the Tropic of Cancer and the Tropic of Capricorn. The term covers logs, sawnwood, veneer sheets and plywood. This definition also includes plywood containing softwood part of tropical origin.
2. "Further processing" means the transformation of logs into primary wood products, semi-finished or finished products made wholly or almost wholly of tropical timber.
3. "Member" means a Government, or any of the intergovernmental that article 5 refers to organizations., Which has consented to be bound by this Agreement, whether it is in force provisionally or if it is definitively.

4. "Producer member" means any country with tropical forest resources and / or a net exporter of tropical timber in volume terms which is listed in Annex A and which becomes a party to this Agreement, or any country with tropical forest resources and / or a net exporter of tropical timber in volume terms which is not so listed and which becomes a party to this Convention and, with their consent, producer member has been declared by the Council.
5. "Consumer member" means any country listed in Annex B which becomes a party to this Convention or any country not so listed which becomes a party to this Convention and, with his consent, has been declared Council member for the consumer.
6. "Organization" means the International Tropical Timber Organization established under the 3rd article.
7. "Council" means the International Tropical Timber Council established under Article 6.
8. "Special vote" means a vote requiring at least two thirds of the votes cast by producing members present and voting and at least 60% of the votes cast by consumer members present and voting, counted separately, with the provided that such votes are cast by at least half of the producer members present and voting and at least half of the consumer members present and voting.
9. For "vote simple distributed majority" it means a vote requiring more than half of the votes cast by producing members present and voting and more than half of the votes cast by consumer members present and voting, counted separately.
10. "Financial year" means the period from the 1st. January to 31 December inclusive.
11. "Freely usable currencies" means the deutsche mark, the French franc, sterling, the German mark, the Japanese yen and any other currency which has been designated at any time by a competent international monetary organization as a coin in fact widely used to make payments for international transactions and negotiate effectively and comprehensively in major currency markets.
CHAPTER III.
ORGANIZATION AND ADMINISTRATION.

ARTICLE 3. HEADQUARTERS AND STRUCTURE OF THE INTERNATIONAL TROPICAL TIMBER ORGANIZATION.

1. The International Tropical Timber Organization established under the International Tropical Timber Agreement, 1983 shall continue in implementing the provisions and supervise the operation of this Convention.
2. The Organization shall function through the Council established under Article 6., Committees and other subsidiary bodies that Article 26 refers to and the Executive Director and staff.
3. The headquarters of the Organization shall be in Yokohama, unless the Council, by special vote, decides otherwise.
4. The headquarters of the Organization shall at all times be located in the territory of a member.

ARTICLE 4. MEMBERS OF THE ORGANIZATION. There will be two categories of membership in the Organization:
a) Producers; and
b) Consumer.

The 5th ITEM. Participation of intergovernmental organizations.

1. Any reference made in this Agreement to "Governments" shall be construed as including the European Community and any other intergovernmental organization having responsibilities in respect of the negotiation, conclusion and application of international conventions, in particular Conventions commodity. Accordingly, any reference made in this Agreement to signature, ratification, acceptance or approval, or to notification of provisional application, or to accession shall, in the case of such intergovernmental organizations, in the sense that it includes a reference to signature, ratification, acceptance or approval, or to notification of provisional application, or to accession by such intergovernmental organizations.
2. In the case of voting on matters within their competence, such intergovernmental organizations have a number of votes equal to the total of votes attributable to their Member States in accordance with Article 10. In such cases, Member States of such intergovernmental organizations not be entitled to cast the votes allocated to each of them.
CHAPTER IV.
INTERNATIONAL TROPICAL TIMBER COUNCIL.

ARTICLE 6o. COMPOSITION OF THE INTERNATIONAL TROPICAL TIMBER COUNCIL.


1. The highest authority of the Organization shall be the International Tropical Timber Council, which shall consist of all members of the Organization.
2. Each member shall be represented in the Council by one representative and may designate alternates and advisers to attend Council meetings.
3. Alternate delegate shall be empowered to act and vote on behalf of the representative during his absence or in special circumstances.

ARTICLE 7. POWERS AND DUTIES OF THE BOARD.

1. The Council shall exercise all powers and perform or arrange all necessary functions are performed to comply with the provisions of this Convention.
2. The Council shall, by special vote, statutes and regulations necessary to comply with the provisions of this Agreement and are consistent therewith, including its own rules of procedure and financial rules and staff regulations of the Organization.
For the financial regulations shall, inter alia, income and expenditure of funds under the Administrative Account to the Special Account and the Bali Partnership Fund. The Council may, in its rules of procedure that will decide specific questions without meeting.
3. The Council shall keep the documentation necessary for the performance of its functions under this Agreement.

Article 8. PRESIDENT AND VICE PRESIDENT OF THE COUNCIL.

1. The Council shall elect for each calendar year a Chairman and Vice-Chairman, whose salaries shall not be paid by the Organization.
2. The President and Vice President shall be elected, one from among the representatives of producer members and the other from among the representatives of consumer members. These offices shall alternate each year between the two categories of members, which does not preclude, in exceptional circumstances, one or both are reappointed by special vote of the Council.
3. In the temporary absence of the President, he acts in his place the vice president. In the event of the temporary absence of the President and the Vice President or in the absence of one, or both, during the time remaining of the period for which they were elected, the Council may elect new officers from among the representatives of producers and / or from among the representatives of consumer members shall, as appropriate, on a temporary basis or for the rest of the period for which their predecessors were elected.

Article 9. COUNCIL MEETINGS.

1. As a general rule, the Council shall hold at least one regular session a year.
2. The Council special session whenever it so decides or request:
a) The Executive Director, in agreement with the President of the Council; or
b) Most member producers or consumers most members, or
c) Members holding at least 500 votes.
3. Council meetings will be held at the headquarters of the Organization unless the Council, by special vote, decides otherwise agree. If on the invitation of any member the Council meets outside the headquarters of the Organization, that member shall pay the additional cost of holding the meeting away from headquarters.
4. The convening of all meetings and the agenda for such sessions shall be communicated to members by the Executive Director at least six weeks in advance, except in cases of emergency, where notice shall be at least seven days in advance.

ARTICLE 10. DISTRIBUTION OF VOTES.

1. The producer members shall together hold 1,000 votes and the consumer members shall together hold 1,000 votes.
2. The votes of the producer members shall be distributed as follows:
a) Four hundred votes shall be distributed equally among the three producing regions of Africa, Asia-Pacific and Latin America. The votes thus allocated to each of these regions shall then be distributed equally among the producing members in the region;
B) Three hundred votes shall be distributed among the producing members in accordance with their respective shares of the total tropical forest resources of all producer members and
c) Three hundred votes shall be distributed among the producing members in proportion to the average values of their respective net exports of tropical timber during the most recent three-year period which final figures are available.

3. Notwithstanding paragraph 2 of this article, the total votes allocated to the producer members from the African region, calculated in accordance with paragraph 2 of this article, shall be distributed equally among all producer members the African region. If still remaining votes, each of these votes from a producer of the African region as follows member will be assigned: the first to the producing member which is allocated the highest number of votes under paragraph 2 shall be assigned this article, the second to the producer member who follow in the number of votes allocated, and so on until you have assigned all the remaining votes.
4. For the purpose of calculating the distribution of votes under paragraph b) of paragraph 2 of this article, "tropical forest resources" means productive closed broadleaved forests as defined by the United Nations Food and Agriculture and Food (FAO).
5. The votes of the consumer members shall be distributed as follows: each consumer member shall have ten initial votes; the remaining votes shall be distributed proportionately to the average volume of their respective net imports of tropical timber during the three-year period commencing four calendar years prior to the distribution of votes.
6. The Council shall distribute the votes for each financial year at the beginning of its first session of that year in accordance with the provisions of this article. Such distribution shall remain in effect for the rest of the year, without prejudice to paragraph 7 of this article.
7. Whenever the membership of the Organization or suspended or restored the voting rights of any member under any provision of this Agreement, the Council shall redistribute the votes within the category or categories of members concerned in accordance with the provisions of this article. The Council shall, in that case, shall take effect when such redistribution of votes.
8. There will be no fractional votes.

ARTICLE 11. VOTING PROCEDURE OF THE COUNCIL.

1. Each member shall be entitled to cast the number of votes it holds and no member shall be entitled to divide its votes. However, a member may cast differently from such votes the votes that it is authorized to cast under paragraph 2 of this article.
2. By notice in writing addressed to the President of the Council, any producing member may authorize, under its own responsibility, any other producer member, and any consumer member may authorize, under its own responsibility, any other consumer member, to represent its interests and to cast its votes at any meeting of the Council.
3. Where a member abstains, it shall be deemed to have cast its votes.

ARTICLE 12. DECISIONS AND RECOMMENDATIONS OF THE COUNCIL.

1. The Council shall endeavor to take all decisions and make all recommendations by consensus. If consensus can not be reached, the Council shall take all decisions and make all recommendations by a simple distributed majority vote, unless this Agreement provides for a special vote.
2. When a member avails itself of the provisions of paragraph 2 of Article 11 and its votes are cast at a meeting of the Council, such member shall, for the purposes of paragraph 1 of this article, as present and voting.

ARTICLE 13. QUORUM FOR THE COUNCIL.

1. The quorum for any meeting of the Council the presence of a majority of members of each category referred to in Article 4o., provided that such members hold at least two thirds of the total votes in their respective categories.
2. If there is no quorum in accordance with paragraph 1 of this article on the day fixed for the meeting and on the following day, the quorum on the subsequent days of the session, the presence of the majority of members of each of the categories referred Article 4o., provided that such members hold a majority of the total votes in their respective categories.
3. It is considered as presence Representation in accordance with paragraph 2 of Article 11

ARTICLE 14 COOPERATION AND COORDINATION WITH OTHER ORGANIZATIONS.


1. The Council shall make arrangements as appropriate for consultation or cooperation with the United Nations and its organs, in particular the United Nations Conference on Trade and Development (UNCTAD) and the Commission on Sustainable Development (CSD), intergovernmental organizations in particular the General Agreement on Tariffs and Trade (GATT) and the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), and non-governmental organizations.
2. The Organization shall, to the maximum extent possible, facilities, services and expertise of intergovernmental, governmental or non-governmental bodies, in order to avoid duplication of efforts in achieving the objectives of this Agreement and to enhance the complementarity and efficiency of their activities.

ARTICLE 15. ADMISSION OF OBSERVERS. The Council may invite any government or member or any of the organizations mentioned in Article 14, Article 20 and Article 29, interested in the activities of the Organization, to attend any of the sessions of the Council as an observer.

ARTICLE 16 Executive Director and staff.

1. The Council by special vote appoint the Executive Director.
2. The Council shall determine the terms and conditions of appointment of the Executive Director.
3. The Executive Director shall be the chief administrative officer of the Organization and shall be responsible to the Council on the implementation and operation of this Agreement in accordance with decisions of the Council.
4. The Executive Director shall appoint the staff in accordance with regulations to be established by the Council. The Council, by special vote, decide the number of executive and professional category may appoint the Executive Director. The Council will decide by special vote any change in the number of executive and professional category. The staff shall be responsible to the Executive Director.
5. Neither the Executive Director nor any member of the staff shall have any financial interest in the industry or timber trade, or associated commercial activities.
6. In the performance of their duties, the Executive Director and the staff shall not seek or receive instructions from any member or from any authority external to the Organization and shall refrain from any action which might reflect adversely on their position as international officials ultimately responsible to the Council . Each member shall respect the exclusively international character of the responsibilities of the Executive Director and the staff and not seek to influence them in the discharge of their duties.

CHAPTER V. PRIVILEGES AND IMMUNITIES.

ARTICLE 17. Privileges and Immunities.

1. The Organization shall have legal personality. In particular, it is empowered to contract, to acquire and dispose of movable and immovable property and to institute legal proceedings.
2. The legal status and privileges and immunities of the Organization, its Executive Director, its staff and experts, and representatives of the members who are in the territory of Japan continue to be governed by the Headquarters Agreement signed in Tokyo on 27 February 1988 between the Government of Japan and the International Tropical Timber Organization, the amendments necessary for the proper functioning of the Agreement.
3. The Organization may conclude with one or more countries, agreements to be approved by the Council on the powers, privileges and immunities as are necessary for the proper functioning of this Agreement.
4. If the headquarters of the Organization is moved to another country, the member in question concluded as soon as possible with the Organization a headquarters agreement to be approved by the Council. While the agreement is concluded, the Organization shall request the new host that within the limits of its laws, exemption from taxation on remuneration paid by the Organization to its employees and the assets, income and other property of the Organization government.
5. The Headquarters Agreement shall be independent of this Agreement. However, it terminates:
a) By agreement between the host government and the Organization;
B) In the event that the headquarters of the Organization being moved from the country of the host government, or
c) In the event that the Organization ceases to exist.
CHAPTER VI.
FINANCIAL PROVISIONS.

ARTICLE 18. FINANCIAL ACCOUNTS.

1. the following shall be established:
a) The Administrative Account;
B) The Special Account;
C) The Bali Partnership Fund, and

D) Any other accounts as the Council shall deem appropriate and necessary.
2. The Executive Director shall be responsible for the administration of these accounts and the Council shall include the necessary provisions to that effect in the financial regulations of the Organization.

ARTICLE 19. ADMINISTRATIVE ACCOUNT.

1. The expenses necessary for the implementation of this Agreement shall be brought into the Administrative Account and shall be met by annual contributions paid by members in accordance with their respective constitutional or institutional procedures and assessed in accordance with paragraphs 3, 4 and 5 of this article.
2. The expenses of delegations to the Council, the committees and other subsidiary bodies of the Council referred to in Article 26 they shall be met by the members concerned. In cases where a member requests special services from the Organization, the Council will be required to pay the cost of those services.
3. Before the end of each financial year, the Council shall approve the administrative budget of the Organization for the following financial year and assess the contribution of each member to that budget.
4. The contribution of each member to the administrative budget for each financial year shall be proportional to the relationship that exists at the time of adoption of the corresponding administrative budget for the financial period, the number of their votes and the total voting power of all members . In assessing contributions, the votes of each member shall be calculated without regard to the suspension of voting rights of any Member or any redistribution of votes resulting therefrom.
5. The initial contribution of any member joining the Organization after the entry into force of this Convention shall be determined by the Board based on the number of votes assigned to it and the period remaining in the current financial year, but not this contributions made upon other members for that financial period be changed.
6. Contributions to administrative budgets shall become due on the first day of each fiscal year. Contributions of members in respect to the financial year in which they join the Organization shall be due on the date on which they become members.
7. If a member has not paid its full contribution to the administrative budget within four months from the date such contribution becomes due in accordance with paragraph 6 of this article, the Executive Director will ask you to make payment as soon as possible . If that member has still not paid its contribution within two months after such request, you will be asked to indicate the reasons why it has failed to make payment. If at the expiry of seven months from the date on which its contribution is due that member has still not paid its contribution, its voting rights shall be suspended until such time as it has paid its full contribution, unless the Council by special vote, decides otherwise. If, on the contrary, a member has paid its full contribution to the administrative budget within four months from the date such contribution becomes due in accordance with paragraph 6 of this Article shall apply to the contribution of that member the discount set by the Council in the financial rules of the Organization.
8. A member whose rights have been suspended under the provisions of paragraph 7 of this article shall remain liable to pay its contribution.

ARTICLE 20 SPECIAL ACCOUNT.

1. Within the Special Account will be two sub-accounts:
a) The Sub-Account pre-project activities, and
b) The Project Sub-Account.
2. The sources of funding for the Special Account may be:
a) The Common Fund for Commodities;
B) Regional and international financial institutions, and
c) Voluntary contributions.
3. The resources of the Special Account will be used for pre-projects and activities approved projects only.
4. All expenses charged to the Sub-Account pre-project activities shall be reimbursed to this subaccount under the project subaccount if projects are subsequently approved and funded. If within six months from the entry into force of this Agreement the Council does not receive any funds for the Subaccount pre-project activities, examine the situation and take appropriate measures.

5. All proceeds from pre-project or specifically attributable to the Special Account projects shall be brought into this account. All expenses incurred in connection with such pre-projects or projects, including remuneration and travel expenses of consultants and experts, will be charged to the same account.
6. The Council, by special vote, establish the conditions under which it may, where appropriate, sponsor projects for loan financing, where one or more members have voluntarily assumed full obligations and responsibilities for such loans. The Organization shall have no obligations for such loans.
7. The Council may nominate and sponsor any entity with the consent, in particular to one or more members, to receive loans for the financing of approved projects and to undertake all the obligations involved, except that the Organization the right to be reserved monitor the use of resources and to monitor the implementation of projects so financed. However, the Organization shall not be responsible for guarantees voluntarily provided by individual members or other entities.
8. No member shall be responsible by reason of its membership of the Organization for any liability arising from borrowing or lending by any other member or entity in connection with projects.
9. If they are offered on a voluntary basis to the Organization unallocated resources, the Council may accept. Such funds may be used for pre-projects and projects approved activities.
10. The Executive Director shall endeavor to seek, on the terms and conditions as the Council may decide, adequate and safe for pre-projects and projects approved by the Council financing activities.
11. Contributions specified approved projects shall be used only for the projects for which they were originally intended, unless the Council decides otherwise in accordance with the taxpayer. Once a project completed, the Organization shall return to each contributor surplus funds in proportion to the share of each taxpayer in the total contributions originally made available for financing that project, unless otherwise agreed taxpayer.

ARTICLE 21. THE BALI PARTNERSHIP FUND.

1. a fund for sustainable management of tropical timber producing forests in order to assist producing members to make the investments necessary to achieve the objective set out in paragraph d) of article 1 is established. of this Convention.
2. The Fund shall be endowed with:
a) Contributions from donor members;
B) 50% of income earned as related to the Special Account;
C) Resources from other private and public sources which the Organization may accept consistent with its financial rules.
3. The Council Fund resources allocated only for pre-projects and projects that are related to the purpose set out in paragraph 1 of this Article activities and have been approved in accordance with Article 25.
4. In allocating resources from the Fund, the Council will consider:
a) The special needs of members in which the contribution of the forest sector to its economy adversely affected by the implementation of the strategy to get in 2000 exports of tropical timber and timber products come from ordered these forest resources sustainably;
B) The needs of members with significant forest areas who establish conservation programs in timber producing forests.
5. The Council shall review annually whether sufficient resources are made available to the Fund and endeavor to obtain additional resources needed by producer members to achieve the purpose of the Fund. The ability of members to implement the strategy referred to in paragraph a) of paragraph 4 of this article will depend on the amount of resources available to the Fund.
6. The Council shall establish policies and financial rules for the operation of the Fund shall be governed, including provisions for the settlement of accounts if this Agreement is terminated or expiry.

ARTICLE 22. PAYMENT.

1. Contributions to the Administrative Account shall be payable in freely usable currencies and shall be exempt from foreign exchange restrictions.

2. Financial contributions to the Special Account and the Bali Partnership Fund shall be payable in freely usable currencies and shall be exempt from foreign-exchange restrictions.
3. The Council may also decide to accept other forms of contributions to the Special Account or the Bali Partnership Fund, including scientific and technical equipment or personnel, to meet the requirements of approved projects.

ARTICLE 23. AUDIT AND PUBLICATION OF ACCOUNTS.

1. The Council shall appoint independent auditors to carry out the audit of the accounts of the Organization.
2. States in the Administrative Account, the Special Account and Cooperation Fund of Bali, verified by independent auditors, will be communicated to members as soon as possible after the close of each fiscal year, but not later than six months after that date, and they will be examined by the Council for approval at its next meeting, as appropriate. A summary of the audited accounts and balance sheet published by the auditors.
CHAPTER VII. OPERATING ACTIVITIES
.

ARTICLE 24. ACTIVITIES OF THE ORGANIZATION RELATED POLICIES. In order to achieve the objectives set out in article 1., The Organization shall undertake policy and projects in the areas of economic information activities and market intelligence, reforestation and forest management and forest industry, in a balanced way and integrating, to the extent possible, the activities related policies and projects.

ARTICLE 25. ACTIVITIES OF THE ORGANIZATION RELATED PROJECTS.

1. Taking into account the needs of developing countries, members may submit to the Council proposals for pre-projects and projects in the areas of research and development activities, market information, the further development and more advanced of the timber in producing member countries, and reforestation and forest management. Pre-projects and projects activities should contribute to achieving one or more of the objectives of this Convention.
2. The Council, in approving pre-projects and projects, shall take into account:
a) Its usefulness for achieving the objectives of the Convention;
B) Their environmental and social effects;
C) The desirability of maintaining an appropriate geographical balance;
D) The interests and characteristics of each of the developing producing regions;
E) The desirability of ensuring an equitable distribution of resources among the fields referred to in paragraph 1 of this article;
F) Its effectiveness in relation to the cost; and
g) the need to avoid duplication of efforts.
3. The Council shall establish a schedule and procedure for submission, evaluation and establishment of priorities of pre-projects and projects seeking funding from the Organization, as well as for their implementation, monitoring and evaluation. The Council shall decide on the approval of projects and pre-projects for financing or sponsorship in accordance with Article 20 or Article 21.
4 activities. The Executive Director may suspend disbursement of the Organization for a project or activity prior to a project if they are being used contrary to the provisions of the project document or in cases of fraud, waste, neglect or mismanagement. In the subsequent meeting, the Executive Director shall submit to the Council for consideration a report on the measures taken. The Council will take the appropriate decision.
5. The Council may, by special vote, terminate its sponsorship of any pre-project or a project.

ARTICLE 26. ESTABLISHMENT OF COMMITTEES.

1. Is established as Committees of the Organization the following:
a) Committee on Economic Information and Market Intelligence;
B) Committee on Reforestation and Forest Management;
C) Committee on Forest Industry;
D) Committee on Finance and Administration.
2. The Council may, by special vote, establish such other committees and subsidiary bodies as it deems appropriate and necessary.
3. Each of the committees shall be open to participation by all members. The rules of the committees shall be decided by the Council.
4. Committees and subsidiary bodies referred to in paragraphs 1 and 2 of this Article shall be accountable to the Council and work under the general direction. The meetings of committees and subsidiary bodies shall be convened by the Council.


ARTICLE 27. FUNCTIONS OF COMMITTEES.

1. The Committee on Economic Information and Market Intelligence shall:
a) review the availability and quality of statistics and other information required by the Organization;
B) analyze the statistical data and specific indicators as decided by the Council for the monitoring of international timber trade;
C) Keep under continuous review the international timber market, its current situation and short-term prospects on the basis of the information referred to in paragraph b) above and other relevant information, including data related to undocumented trade;
D) make recommendations to the Council on the need and nature of appropriate studies on tropical timber, including prices, market elasticity, substitutions timber on the market, commercialization of new products and prospects long-term international tropical timber market, and monitor and review any studies commissioned by the Council;
E) Carry out any other tasks related to the economic, technical and statistical aspects of timber assigned to be entrusted by the Council;
F) Assist in the provision of technical cooperation to developing member countries to improve their relevant statistical services.
2. The Committee on Reforestation and Forest Management shall:
a) Promote cooperation between members as partners in development of forest activities in member countries, particularly in the following areas:
i) Afforestation ;
Ii) Rehabilitation of forests;
Iii) Forest management;
B) Encourage the increase of technical assistance and technology transfer in the areas of reforestation and forest management to developing countries;
C) Continue ongoing activities in these areas and identify and consider problems and possible solutions in collaboration with relevant organizations;
D) Review regularly future needs of international trade in industrial tropical timber and, on that basis, identify and consider appropriate possible schemes and measures in the field of reforestation, rehabilitation and forest management;
E) Facilitate the transfer of knowledge in the field of reforestation and forest management with the assistance of competent organizations;
F) Coordinate and harmonize these activities for cooperation in the fields of reforestation and forest management with relevant activities pursued elsewhere, particularly in the framework of the United Nations Organization for Agriculture and Food, FAO, the Programme of the United Nations Environment Programme, UNEP, the World Bank, the United Nations development Programme, UNDP, regional development banks and other relevant organizations.
3. The Committee on Forest Industry shall:
a) Promote cooperation between member countries as partners in the development of processing activities in producing member countries, in particular in the following areas:
i) product development through transfer of technologies;
Ii) The development of human resources and training;
Iii) Standardization of nomenclature of tropical timber;
Iv) Harmonization of specifications of processed products;
V) Encouragement of investment and joint ventures, and
vi) Marketing including the promotion of lesser known and lesser used species;
B) Promote the exchange of information to facilitate the structural changes needed to promote greater and further processing in the interests of all member countries, in particular developing member countries;
C) Continue ongoing activities in these areas and identify and consider problems and possible solutions in collaboration with relevant organizations;
D) Encourage the increase of technical cooperation for the development of tropical timber for the benefit of producing member countries.
4. To carry out in a balanced manner the work of the Organization related to policies and projects, the Committee on Economic Information and Market Intelligence, the Committee on Reforestation and Forest Management and the Committee on Forest Industry: || | a) Be responsible for ensuring the examination, evaluation and effective control of projects and pre-projects;
B) Make recommendations to the Council regarding projects and pre-projects;

C) Follow up the implementation of projects and pre-projects and activities shall take steps to collect and disseminate as widely as possible the results for the benefit of all members;
D) Develop ideas on policy and the Council;
E) review regularly the results of the activities related to
projects and policies and make recommendations to the Council on the future program of the Organization;
F) regularly the strategies, criteria and priorities for program development and implementation of activities related to projects under the action plan of the Organization and recommend revisions to the Council that this be done;
G) take into account the need to strengthen capacity building and human resources development in member countries;
H) Carry out any other duties as assigned by the Council in relation to the objectives of this Convention.
5. Research and development shall be a common function of the Committees referred to in paragraphs 1, 2 and 3 of this article.
6. The Finance and Administration Committee shall:
a) Examine and make recommendations to the Council regarding the approval of the proposals for the administrative budget of the Organization and management operations of the Organization;
B) Review the assets of the Organization to ensure prudent asset management and that the Organization has sufficient reserves to carry out their work;
C) Examine and make recommendations to the Council on the budgetary implications of the annual work program of the Organization and the measures that could be taken to ensure the necessary resources to carry out the work program;
D) To recommend to the Council the choice of independent auditors and review the statements audited by such auditors;
E) To recommend to the Council amendments to the Regulation of the Council or the financial rules of the organization it considers necessary;
F) Examine the income of the organization and the extent to which they constrain the work of the Secretariat.
CHAPTER VIII.
RELATIONSHIP WITH THE COMMON FUND FOR COMMODITIES.

ARTICLE 28. RELATIONSHIP WITH THE COMMON FUND FOR COMMODITIES.

The Organization shall take full advantage of the facilities of the Common Fund for Commodities.
CHAPTER IX.
STATISTICS, STUDIES AND INFORMATION.

ARTICLE 29 STATISTICS, STUDIES AND INFORMATION.

1. The Council shall establish close relationships with intergovernmental, governmental and non-governmental organizations, to help ensure the availability of data and recent and reliable on trade in tropical timber, as well as relevant information on non-tropical timber and on the management of timber producing forests. To the extent deemed necessary for the implementation of this Agreement, the Organization, in cooperation with such organizations, shall compile, collate and, where relevant, publish statistical information on production, supply, trade, stocks, consumption and market prices of timber, the extent of timber resources and the management of timber producing forests.
2. Members shall provide, within a reasonable time to the fullest extent possible consistent with their national legislation, statistics and information on timber, its trade and activities aimed at achieving sustainable management of timber producing forests and any other relevant information as requested by the Council. The Council will decide the type of information that has to be provided in accordance with this paragraph and the way it is presented.
3. The Council shall arrange to carry out the necessary studies of trends and issues short- and long-term international timber market and progress towards achieving sustainable management of timber producing forests.

ARTICLE 30 ANNUAL REPORT AND REVIEW.

1. Within six months following the end of each calendar year, the Council shall publish an annual report on its activities with the additional information it considers appropriate.
2. The Board annually review and assess:
a) The international timber situation;
B) Other factors, issues and developments considered relevant to achieve the objectives of this Convention.
3. The review will take into account:

A) Information supplied by members on domestic production, trade, supply, stocks, consumption and prices of timber;
B) Other statistical data and specific indicators provided by members as requested by the Council, and
c) Information supplied by members on their progress towards the sustainable management of their timber producing forests;
D) Any other relevant information that may be available to the Council either directly or through the organizations of the United Nations system and intergovernmental, governmental or non-governmental organizations information.
4. The Council shall promote the exchange of views among member countries regarding:
a) The status of sustainable management of timber producing forests and related matters in member countries;
B) resource flows and requirements in relation to objectives, criteria and guidelines set by the Organization.
5. Upon request, the Council shall endeavor to enhance the technical capacity of member countries, in particular developing member countries, to obtain the data necessary for an adequate exchange of information, in particular by providing resources for training and facilities to members.
6. Test results are included in reports on the deliberations of the Council.

CHAPTER X. MISCELLANEOUS PROVISIONS.

ARTICLE 31. COMPLAINTS AND DISPUTES. Any complaint against a member for breach of its obligations under this Agreement and any dispute concerning the interpretation or application of this Agreement shall be subject to the decision of the Council. Council decisions in this regard shall be final and binding.
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Related Laws

1996 Law 1700