Countries

On the initiative of developing countries and in response to a growing anxiety over a low level of

promotion of their commodities on the international market, the United Nations took a number of

measures to intensify this process. In particular, in 1964 the United Nations Conference on Trade

and Development was first convened. Since then, full conferences have been held every three or four

years. UNCTAD IX was held in 1996. The goal was to improve prospects for developing countries’

trade, and to prevent balance of payments problems acting as constraint on growth. The problem

could be tackled on two fronts: through measures (a) to offset the deterioration in the terms of trade

and (b) to promote their exports. The terms-of-trade approach could be exercised through intemational

commodity agreements, which would be designed to prevent primary prices from falling, and

through compensatory finance arrangements. It was also suggested that the developing countries

should be free to combine to discriminate against imports of manufactures from the developed countries

, and at the same time the latter should give preferences (infant-industry argument). The distaste

felt by the developing countries for the most-favoured-nation clause of the General Agreement on

Tariffs and Trade was recognized by that institution. A new chapter to the GATT was added in 1965

on trade and development, which called for the reduction of tariffs and quotas on developing count

ries' exports. It became possible for preferential duties to be given to imports from developing

countries without having to extend these preferences to all the contracting parties of the GATT

generalized system of preferences). UNCTAD has a permanent secretariat based in Geneva and

publishes regularly papers on development problems and an annual report.

UNCTAD’s eleventh session held in Brazil in June 2000 adopted the Sro Paulo Consensus. For

each sub-theme it identified problems and introduced a number of new areas of work. UNCTAD

pesented the views on international economic cooperation and reconfirmed member-states’ support

for its work and activities, mainly for the developing countries.

Vocabulary Notes to Text 3.7.1.3

1. a growing anxiety — растущая тревога (обеспокоенность)

2. ю prevent balance of payments problems — предотвратить проблемы баланса платежей

3. constraint on growth — ограничитель роста

4. to prevent... from falling — предупреждать (предотвращать) падение (цен)

5. to give preferences... — отдавать предпочтения...

4 Мировая экономика 49

З.7.1.4. Read and translate the text “Interaction between the Developed and Developing Coun tie

s on Organizing International Trade” and single out the main measures, in your opinion, taken by