The final phases of the Uruguay Round should pay close attention to the critical issues on the development agenda, and the contributions of all States -large as well as small -must be recognized, since its outcome is of concern to all trading countries. BHS/td A/S-18/PV. 3 61 (Mr. Dookeran, Trinidad and Tobago) The deterioration of the terms of trade and the dramatic rise in real interest rates in the early 1980s precipitated a debt crisis unprecedented both in magnitude and duration. Structural adjustment programmes were introduced to bring about balance in the internal and external accounts of developing countries in the short term while laying the foundation for long-term development. This has led to the phenomenon of "adjustment fatigue", as the imperative of changing the production structures with social equity remains a central tenet of the new development paradigm. Some steps have been taken to address these issues, as countries now acknowledge that the resolution of the debt problem is the dual responsibility of the debtor and creditor nations. The Tbronto Summit of the Group of Seven, addressing the debt problems of low-income countries, agreed on the n~ed for more lenient rescheduling of their debts in the Paris Club. Subsequent initiatives taken by France and Japan focused on the debt of middle-income countries. The United States proposal, known as the Brady Plan, recognized the link between debt, trade and growth. These initiatives were encouraging in that they recognized the need for debt reduction in the effective resolution of the debt crisis. However, the reductions must cover a broader range of countries and all types of debts. The international debt strategy should also cover those countries that have met their international financial obligations at great social cost. In this regard, the recent decision of the Government of Canada to provide 
**Analysis**
The text primarily focuses on the economic issues related to international debt, trade, and development, with a mention of the social costs and equity concerns. It seems to be discussing the global economic framework and the responsibilities of various countries, particularly developing nations, in addressing the debt crisis.

**Category**
International trade, Economic development