Challenge of Trade and a New International Economic Order
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The demands for a New International Economic Order, expressed at the Sixth Special Assembly of the General Assembly of the United Nations in May 1974, represent the culmination of years of attack on the international trading system. That system, embodied in the principles and rules of the General Agreement on Tariffs and Trade (GATT) and the IMF, aims at progress towards free international trade. Since its inception at Bretton Woods in 1944, this system has seen enormous progress towards liberalisation of trade and finance, but progress has been concentrated on manufactured products mainly produced in the industrialised nations. No comparable progress has been made in either agricultural trade or trade in manufactures of special interest to developing countries.
KeywordsMuch Favoured Nation Manufacture Export International Economic Order Primary Commodity Commodity Agreement
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