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Economic and Social Survey of Asia and the Far East 1956

image of Economic and Social Survey of Asia and the Far East 1956

This latest edition of the Survey analyzes current economic and social developments in the region against the background of events in the world economy. It also focuses on the serios problems of growth and transformation of the area's least developed and Pacific Island developing economies.

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Trade agreements concluded during 1956

For purposes of the present summary trade agreements are broadly defined to include: (1) trade and/or payments agreements for the exchange of commodities between two contracting parties, usually with provisions for (a) settlement on open account with a swing limit, or (b) cash settlement in national or other currencies mutually agreed upon. Such an agreement may be concluded for a period of years, and in addition a protocol may be signed, generally on a yearly basis, to specify the kind and amount of commodities to be exchanged; on the other hand, a protocol may also be concluded without prior conclusion of an agreement. (2) Barter agreements or protocols for the exchange of commodities between two contracting parties without the use of a medium of payment, to be settled through keeping of accounts in the currencies of the respective contracting parties at an agreed, usually official, exchange rate, or in that of a third country. (3) Commodity agreements for the purchase of one commodity by one contracting party from the other for cash payment. (4) Surplus agricultural commodity agreements for the sale of United States surplus agricultural commodities to another government which will pay in national currency, a substantial part of which is commonly used on a loan basis for financing development within the country. Such an agreement is sometimes followed by the conclusion of a processing agreement, whereby one of the commodities involved, e.g. raw cotton, may be processed by a third country at cost into finished products for use by the government receiving the United States surplus agricultural commodity.

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