States, only two .alternatives were considered, a series of measures for monetary and fiscal restrictions in the country with the deficit, or an expansion of expenditures in the countries with a surplus, basically Japan and Germany. The solution seemed to be the second alternative, but this led to a dangerous tendency to reduce the rate of savings in the more disciplined economies, when the high real interest rates prevailing in the world do not point precisely to a global excess in savings. If the developing countries had been taken into account in the discussion, then a third alternative might have been considered in order to adjust the trade deficit of the United States: an increase in investments in the countries affected by the debt crisis. These countries were traditionai customers for the American exports of capital goods. An increase in their level of investment would have brought about an adjustment in the trade balance of the foremost economy in the world, without bringing about a decrease in the global rate of savings that could result from the excessive expansion of consumer expenditures in Japan and Germany. As regards trade, we must await the results of the Uruguay Round of the General Agreement on Tariffs and Trade (GP.TT). In that sense, the liberalization JSM/jg A/S-18/PV. 2 137 (Mr. Cavallo, Argentina) of international trade, especially in the aqricultural sector, should continue to be a basic objective that will contribute to reactivating the economic growth and development of an important number of countries. Furthermore, the attainment of this goal will favour the production of food in developing countries and will be a concrete contribution, of a structural nature, to the eradication of hunger and malnutrition. The establishment of trade blocs is justified in economic terms if the increase in international trade resulting from the elimination of internal barriers 
**Analysis**
The text discusses economic issues, specifically the trade deficit of the United States, the debt crisis in developing countries, and the potential solutions such as increasing investments in these countries. It also touches on the topic of international trade and the Uruguay Round of the General Agreement on Tariffs and Trade. These topics suggest that the text is related to economic development and international trade.

**Category**
International trade, Economic development