A hand worth playing shows how Least Developed Countries (LDCs) can benefit from the both the General Agreement on Tariffs and Trade (GATT) and the International Monetary Fund (IMF) negotiations which began in late 1973.
It examines the interest of LDCs in the liberalisation of trade barriers, in new rules to govern international trade policies and in reform of the monetary system. But while these issue are vitally important to them, they can only influence the negotiation process to a limited extent.
Therefore, the expert study group identifies priority areas for LDCs based on the promotion of equity by ensuring that the measures undertaken will benefit the poorer groups. As over 70% of LDCs' exports are to Western developed countries, removing or reducing tariff and non-tariff trade barriers would majorly benefit them. In the monetary negotiations, LCDs have to prioritise the adoption of a multilateral solution to the monetary problems created by the oil crisis.
In sum, this report considers the bargaining strength LDCs may have, to identify what is possible, as well as what is desirable.