The agreement was adopted in 1934 between the United Kingdom, India, the Netherlands, France and Thailand to limit the supply of rubber in line with falling rubber prices, in order to maintain rubber prices and the profitability of rubber-producing companies. The agreement prevented both the creation of new rubber plantations and restrictions on the production of existing plantations. The agreement was in fact a cartel of rubber-producing countries. To meet the interests of the other party, rubber-consuming countries, a new institutional body has been set up: a “consumer advisory council”. They were representatives of the three main rubber-consuming countries: for the United States, it was the Rubber Manufacturers` Association of America, for the United Kingdom “The India Rubber Manufacturers` Association of the United Kingdom” and, for Germany, the Reichsverband der deutschen Gummiindustrie.  Other countries, such as Japan.B or the Soviet Union, had not been represented. The International Rubber Settlement Agreement was a 1934 agreement between the United Kingdom, India, the Netherlands, France and Thailand, which constituted a cartel of major rubber-producing nations to limit global rubber production and maintain a high and stable price for natural rubber. A new agreement was reached in 1979, an international agreement on natural rubber. The United States has attempted to become independent of the rubber cartel: establishing rubber plantations in areas under its control; conduct research on rubber-producing plants that thrive in the U.S. climate; and sustained efforts to replace natural rubber in tyres with plastic. In the Fordlandia project, Henry Ford failed in his attempt to produce rubber in Brazil. Goodyear Tire and Rubber Company has developed plantations in Liberia in the Philippines and Costa Rica and Harvey Firestone.
Research in synthetic rubber was limited by a lack of knowledge of the chemical structure of rubber compounds until after 1945. DuPont had developed neoprene in the 1920s in response to the Stevenson plan, but neoprene was too expensive to make tires. During this period, the International Rubber Research Development Board and the Research Association of British Rubber Manufacturers were established. Demand for rubber fell sharply after the First World War, leading the British to modify the Stevenson plan in 1922 to limit rubber supply, support rubber prices and ensure the profitability of British rubber plantations in the Far East. However, the plan had many flaws and was abandoned in 1928. In 1928, the plan irritated both the United States and lacked an obvious purpose. Demand for rubber has been robust due to increased automobile use in the United States. The first and only agreement of the United Nations Integrated Conference on Trade and Development of Raw Materials was an international agreement on natural rubber.
 The agreement had similar objectives. It introduced the concept of shared responsibility for financing international actions.  After the stock market crash of 1929, the Great Depression hit the United States and rubber claimed again. In this context, the international rubber agreement has been implemented. The 1979 International Natural Rubber Agreement (INRA) is the first and so far the only commodity agreement resulting from negotiations under the Integrated Commodities Programme (IPC).