industries are encouraged. When access to markets is denied them, debtors find difficulty in servicing their debts. When interest rates rise unexpectedly export earnings must be diverted from import demands to debt service with costly effects for both the local and the world economy. 50. The current proliferation of trade barriers, damaging enough on its own, must therefore be seen in the context of the general need to restore international financial stability and sustained economic development. The erosion of the GATT system threatens to eliminate the last vestiges of order in world trading arrangements. Calls for a roll-back or standstill may continue to be well received -10- in principle, but they are unlikely to be effective in the absence of more concrete steps. 51. The Leutwiler report to GATT, entitled Trade Policies for a Better Future, recommended a sensible programme for moving forward on the major issues. The main elements include increased openness and surveillance of trading policies; a timetable for bringing existing voluntary export restraints, orderly marketing arrangements and discriminatory import restrictions, including those in textiles and clothing, into conformity with GATT rules; improvement and clarification of rules and codes on subsidies and non-tariff distortions of trade; clearer and fairer rules governing agricultural trade; emergency "safeguard" protection only in forms that are non-discriminatory, time limited, linked to adjustment assistance and subject to continuing surveillance; and strengthened dispute settlement procedures. 52. The Committee endorsed those recommendations. It also supported the proposal for the launching of a new round of GATT negotiations - a round directed primarily towards the strengthening of the multilateral trading system and a further opening of world markets. Expansion of trade in services and the exploration of whether multilateral rules could be appropriately devised for this sector are also 
**Analysis**
The text primarily discusses the impact of trade barriers and the need for international financial stability and sustained economic development. It also mentions specific recommendations for improving the multilateral trading system and expanding trade in services. These themes suggest that the text is most closely related to economic development and international trade.

**Category**
International trade, Economic development