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This study reviews major issues and developments in the trade area and their implications for the work of the International Monetary Fund. It is presented in two volumes. The first provides an overview of the principal issues and developments in the world trading system; the second presents more detailed background papers on selected trade and trade-related issues.

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25 36 ' Countertrade arrang ements may account for as much as 5 percent of world trade; see Banks (1983). 8 See also Part Two, Section V. Developing Countries 14 GATT, Improvement of World Trade Relations Through the Implementation of the Work Programme of the GATT, Document U5744 (November 23, 1984).