World Trade: Where the Sellers Are

For non-Europeans, sober reflection was the only possible response to a report issued last week by the 42-nation General Agreement on Tariffs and Trade. In its annual survey of international trade, GATT found that Western Europe—and particularly the six-nation Common Market—was the only major part of the world that substantially expanded its foreign commerce in 1961. Items: > Total world exports rose 4% last year to $131 billion, but the increase was far below 1960's spurt of 11%. Reason: a general slowdown in economic expansion. >Trade among Western European nations—up from...

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