1945

Summary of trade agreements concluded during 1958

The agreements and arrangements made by countries of Asia and the Far East to expand trade on a bilateral basis are broadly of two types, namely, general trade agreements and commodity agreements. General trade agreements are usually more comprehensive in character, providing for the exchange of a larger number of commodities over a longer period of time—generally one to five years; they are also more flexible in implementation, as the volume of trade, whether specified or not, need not be completely fulfilled, and the proportions between different commodities listed can be varied by negotiation. Commodity agreements cover one or several commodities for which prices, quantities, and dates of delivery are usually specified.

Related Subject(s): Economic and Social Development
Sustainable Development Goals:
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