A supplementary payments mechanism to promote trade among developing countries - a proposal
Author(s)/Corporate Author (s)United Nations. Economic and Social Council;
United Nations. Economic Commission for Africa;
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Expanding the trade among developing countries has long been thought of as a way of accelerating production and thus of badly needed development in these countries: this has in recent years been felt even more pressing because of their lagging exports to, and deteriorating terms of trade with, developed countries. Complicating this situation are the import curbing measures and growth stifling domestic credit policies occasionally pursued by the key reserve countries to defend their currencies. Mostly exchange starved, under-developed countries have been held back from importing more from each other, and have generally made use of bilateral trade and other soft currency transactions to gain whatever additional foreign trade could be obtained this way.