ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Contractors Opera

be respected for the period of one year, bars unilateral steps to curb imports, to stimulate exports artificially or to restrict exports.
While all the 24 countries sincerely share these views, the: undertaking would prove to be very fragile unless joint efforts are made to finance the $ 40 billion oil deficit. Only this will assure all the countries that restrictive trade devices are unnecessary to sale- guard their individual positions. The Italian budget minister, who was the Chairman of the OECD council meeting, maintained that Italy had been pushed into adopting import restrictive measures due to the absence of a clearly-formulated international plan to finance oil induced deficits. In this context it is interesting to note that a large number of OECD countries are keen to revitalise the Group of Ten. the developed countries' exclusive club, to prepare some concrete plans to finance the oil deficits. It is expected that the Group of Ten would meet in Washington before the concluding meeting of the ineffective Committee of Twenty. The record of the Committee of Twenty in the last two years or so has been so dismal that the developed countries are keen to revive more exclusive groups for tackling their problems.

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