ABSTRACT
Developed market economy countries take about three-fifths of developing countries' exports and supply some 70 per cent of their imports. Developed market economy countries accounted in 1973 for about 84 per cent of these imports and for nearly 90 per cent, of total developing countries' imports of capital goods which are vital for the industrialisation and economic development of these countries. Among the principles set out for the Global System of Trade Preferences Among Developing Countries (GSTP) is that it should be consistent with, and indeed be accompanied by, a parallel strengthening of existing sub-regional and regional integration groupings of developing countries. As has been seen earlier the GSTP would be based on the principle of mutuality of advantages, in such a way as to benefit equitably all participants, taking into account their respective levels of economic and industrial development the pattern of their external trade and their trade policies and systems.
