countries of the Asian Pacific region. Although the last two co-operation initiatives have to be seen in a very long-term perspective, their potential as a driving force influencing the future shape of industrial structures and patterns of interactions in the Asian region should, however, not be dismissed. The Latin American region 36. The countries of Latin America have in the past succeeded in pursuing policies and d. · f "d 1"ndustr1·a11·zat1"on and redeployment of capacities from creating con 1t1ons or a rap1 developed countries. The region Is share in world MVA reached 5.64 per cent in 1984. ID/B/339 Page 13 The build-up of a sizeable industrial sector as a consequence of the development model of import-substituting industrialization, corresponded largely to internal demand patterns in the individual countries or -within the framework of regional integration schemes -of country groupings. Since the second half of the 1970s, an increasing number of countries have become aware of the need to adapt gradually the structure of their industries to markets outside the region. The promotion of non-traditional manufactured exports was considered essential in order to compensate for the slackening growth of import-substituting industries and to create additional sources of foreign exchange earnings in the face of deteriorating terms of trade for the region's exports of primary commodities and the need to service the external debt, accumulated during the 1970s. The terms of trade for the non-oil-exporting Latin American countries showed in 1983 a total decline of 38 per cent compared to 1977. 37. · The efforts of many Latin American countries to add new momentum to their industrial growth through a greater interaction with markets outside the region was; however, rewarded with limited success in the first half of the 1980s. This was attributable firstly to the slow economic recovery in most OECD countries which was insufficient for Latin American 
**Analysis**
The text discusses the economic development and industrialization of countries in the Asian Pacific and Latin American regions, specifically highlighting the challenges and strategies they face in adapting to global markets and improving their terms of trade. It also touches on the importance of non-traditional manufactured exports and the impact of external debt on the region's economies.

**Category**
Economic development, International trade