onTariffs andTrade(GATT)havenotmanaged tomeettheaspirations ofthe developing countries regarding thegradual elimination ofthelimits imposed onon theirexportproducts. Onthecontrary, aftertheGATTMinisterial Meeting in 1982,theindustrialized nations imposed greater restrictions indisregard oftheir commitments andtherulesandprinciples oftheGeneral Agreement. LastyearinthisHallIspokeet;:~heimportance fortheDominican Republic ofA/40/PV.24 68 (Mr.VegaImbert, Dominican Republic) sugarasamainsourceofforeign currency andImentioned the20per-cent reduction announced bytheUnitedStatesinthequotaallotedtoproducing countries. Inrecentdaystheexportquotafrommycountry totheunitedStates markethasonceagainbeenreduced asaresultofpressures fromalready highly protected producers. Thesereductions largely canceloutthebenefits ofthe assistance programmes thatgreatnationiscarrying outonbehalfofourpeople. However, even-more serious fo~oursugarindustry isthecontinuance of subsidypolicies practised bytheEuropean Economic Community (EEC)forthebenefit ofitsproducers whichsubstantially depresspricesontheinternational market. AnewroundofGATTnegotiations isunderway,andissuesvitalfordeveloping countries, suchastropical products, quantitative restrictions, textiles and subsidies onagricultural products, remaintobesolved. Webelievethatgradual implementation oftheGATTGeneral Convention andthecommitments adoptedat earlier meetings constitute apointofdeparture fordealing withnewitemsput forward bycountries whichtraditionally ignore GATTprovisions. Thedebtproblemistodaythegreatest challenge facingLatinAmerican countries. Indeed, theenormous amountofourcountries' debt,whichhasreached $370billion, constitutes aproblem ofsuchmagnitude thatitcannolongerbe ignored bythosewhomakedemands andcallforimplementation oftraditional economic policies toallowthemtorecovertheirloans. Latin ~_~erica devotes morethan35percentofitsannualexportstopaying theintrerest onitsforeign debt.Paymentofthedebtismademoredifficult by thelackofopportunities significantly toincrease ourexports. Aregioncannot develop byexporting capital whenitmostneedstoretainit. Thedeveloping countries arenotopposedtoprogrammes ofadjustment assuch. Ourcomplaint isthatusually thestabilization programmes, inparticular thoseofA/40/PV.24 69-70 (Mr.VeqaImbert, Dominican Republic) theInternational MOnetary Fund(IMF),donoteliminate thestructural imbalances andinpractice leadtogreatersocialcostsandpolitical pressures. Furthermore, theincreased rateofinflation, theproblems ofexchange rates andthedecline ofourpeoples' standards ofliving-elements inatypical adjustment programme -arenotevenoffsetbyasufficient flowofresources from outside. Similarly, inexercising strictcontrol overtheadjustment programmes theIMFdoesnottakeintoaccount thedamagecausedourexternal sector bythe protectionist anddeficitpolicies ofsomeindustrialized countries. Ingeneral, thegoalsoftheInternational Monetary Fundandthedevelopment policies ofthe third-world countries diverge. Frequently theobligation toachievecertain objectives leadstoinCrea~~d unenployment andthereduction ofdomestic demand, thusharming theproduction andfinancial systems.JSM/mh A/40/PV.24 71 (Mr.VegaImbt'rt,Dominican Republic) Likeothercountries inLatinAmerica andtheCaribbean, theDominican Republic hasbeenSUffering fromtheinstability ininternational trade,the decline inexport income, theimpactoffluctuations ininterest rates,the recessive effects ofadjustment programmes ~ndthesocialpressures thatare involved inthissituation. ThePresident oftheDominican Republic, Mr.Salvador JorgeBlanco, ina statementhemadeontheoccasionoftheministerialmeetingoftheCartagena Consensus heldlastFebruary statedthefollOlrling; "Itisessential thatthedebtbepaid-notbyimpoverishing ourpeoples evenfurther, butbydeveloping theireconomic potential. Thisrequires the activeco-operation ofindustrialized countries andinternational bodiesto raise,withtheirfinancial andtechnical support, thepurchasing powerand productive capacity ofthepeopleoftheregionsothathigherproduct;ion and prices maypartially canceloutexternal obligations, whileatthesametime improving livingconditions intheregion. "Thiswouldbeafirmbasisforstability andastronger international financial system." Despite thepicture Ihavedrawn gourcoun~ry, underthewiseleadership of President Salvador JorgeBlanco, andatgreatsacrifice inthefaceofenormous
**Analysis**
The text primarily discusses the economic struggles of the Dominican Republic, specifically the impact of international trade policies, debt, and subsidies on the country's sugar industry. It also touches on the need for cooperation between industrialized countries and international organizations to promote economic development and stability in the region.

**Category**
International trade, Economic development