The article describes progress on the negotiations for a Common Fund since UNCTAD IV and the scope of its windows. The CF will be a significant innovation; in it, the ldcs will be equal partners with the developed countries. It should help stabilise and strengthen international commodity markets and, through its second window, make a significant contribution to financing economic development in the ldcs. But a great deal of ground remains to be covered before it can come into operation. Further elaboration is needed on the appropriate institutional framework for the second window, the formula for assessing contributions, the relationships between the Fund and the ICAs, and the distribution of votes. Closely related is the need to accelerate the creation of new ICAs both for the ten ‘core’ commodities and a further eight which have been identified. The slow process of ICAs is partly a result of the attitude of many governments which are still dominated by the traditional case‐by‐case approach, and which assess costs and benefits too narrowly. The article ends by describing progress made at UNCTAD V towards resolving these problems.