The rubber pact, due to fold on October 13, is the last survivor of a series of accords -- including cocoa, coffee, tin and sugar trade -- drafted in the 1970s by producers and consumers to try and stabilise commodity prices.

``International pacts can only succeed if you follow market fundamentals. You cannot ignore the market,'' said head of commodities at the Geneva-based United Nations Conference on Trade and Development (UNCTAD), Aziz Megzari.

The rubber pact survived longest because its buffer stock support price for buying surplus supplies was linked to market levels and more realistic than that set by other accords.

But it failed to stop rubber prices sinking to 30-year lows, prompting Thailand and Malaysia, two of the world's largest producers, to finally pull out.

``Following the failure of buffer stock measures, the focus switched to market transparency, exchange of market data and views between producers and consumers,'' Megzari told Reuters.

International study groups were set up to improve the flow of information for nickel in The Hague, copper in Lisbon and lead and zinc in London. Efforts are being made to set up a tin study group in Brazil.

Analysts said that the World Bank and UNCTAD put too much emphasis on remunerative and stable producer prices while ignoring commodity supplies and market access.

UNCTAD figures show that Africa's share of world commodity exports fell to 3.0 per cent in 1996-97 from 8.6 per cent in early 1970s.

Analysts point out developed and newly industrialised countries have won a growing share through blended and processed products, such as roasted coffee and chocolate -- adding value to basic raw commodities.

``Emphasis should be shifted to competing on world markets,'' Megzari said, noting that West African cocoa producers are no longer shielded by marketing boards from volatile world markets.

Last week the World Bank endorsed a proposal to offer subsidised crop insurance to small farmers in poor countries to shield them from sharp price swings as trade is liberalised.

Between 1993-98, prices of many commodities have swung between 50 per cent below and 150 per cent above average levels.

``The World Bank scheme could be a partial answer to the problems of developing countries in dealing with commodity price fluctuations,'' said Reader in International Economic Law at Manchester University, Asif Qureshi, adding, ``The writing has been on the wall for commodity agreements for a long time.''

The Amsterdam-based Common Fund for Commodities has also been promoting ways to help small farmers in poor countries compete in free markets.

``We act as a catalyst to develop new production techniques, improve productivity, fight plant diseases and open new markets,'' said managing director, Rolf Boehnke, of the fund which has 75 commodity development projects worth $220 million.

Boehnke's small 26-member team has studied ways of reducing commodity price swings which resurfaced in the World Bank's task force on risk management.

``We've offered to finance futures hedging and options schemes to reduce price volatility,'' said Boehnke.

It faces a stiff challenge, especially in West Africa, in organising and training large numbers of small farmers with only basic education and working in remote locations in sophisticated screen- or internet-based trading techniques.

Independent aid organisations have targeted the next round of World Trade Organisation (WTO), due to kick off in Seattle in November, as an opportunity to open markets to poor countries.

Oxfam is seeking more financial and technical aid to help poor farmers compete on world markets.

``Steps should be taken to remove escalating tariffs on processed commodities in developed countries and encourage farmers in developing countries to diversify into higher value products,'' said an Oxfam policy adviser, Penny Fowler.