It is convenient to consider the role played by trade policy in the development of the less-developed countries (LDCs) under two headings, ‘external’ and ‘internal’. By ‘internal policies’ we mean the use of trade policy by the individual LDC to manipulate its own exports and imports, and this is the subject of Chapter 19. By ‘external policies’ we mean those policies which require co-operation between LDCs and/or the developed market economies (DMEs), and which are the subject of this chapter.
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