In the years to come, the international trade scene is likely to change for a variety of reasons, not the least being the increasing influence of UNCTAD and the repercussions of the decisions taken at the fifth UNCTAD Conference held in Manila in June 1979. The shipping industry, which is itself dependent on commerce and yet at the same time an essential determinant of world trade owing to the need for reliable, efficient and cheap transportation, must adapt to the changing circumstances through a process of international cooperation seasoned with an awareness of the commercial realities. The industry and the governments involved must resist the temptation to resort to protectionism, which cannot provide solutions to the problems that have arisen or will arise.
KeywordsPolitical Factor Shipping Industry Shipping Company Bilateral Agreement Freight Rate
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