text: important, among other ways, in determining the coverage of the framework that might emerge from the negotiations. Another delegation was of the view that attempts to define trade in services had been largely unsuccessful and divergent definitions had led to a variety of proposals regarding principles and rules for international transactions in services. Another delegation suggested that the question of distinguishing between alternative modes was of interest mainly for data-gathering purposes. Most delegations agreed that policy issues relating to international transactions in services, including those involving the establishment and presence of transnational corporations, deserved attention especially from the perspectives of development and growth. In that context, reference was made to the relevance of considerations relating to specific sectors which were raised in document E/C.l0/1990/12. One delegation questioned the need for a re-examination of current international r~gimes and policies prohibiting foreign carriers i11 domestic transport in view of the concentration of international air and shippir1g services in the hands of developed country firms . The same delegation drew attention to the potential problems that could result from liberalization or opening up to foreign firms in terms of foreign exchange leakages, employment concentration in low-skilled categories in the tourism sector, and crowding out of local companies in the financial sector. Another delegation expressed the view -33-that since services trade surpluses were presently concentrated in developed countries, the issue of expanding services exports by developing countries should be given special attention. 69. Some delegations observed that a code of conduct on transnational corporations would provide a guide for transnational corporations in services and could usefully complement the framework on services that might be emerging from the Uruguay Round. Attention was also drawn to the relevance of the United Nations Conference on Trade and Development (UNCTAD) Set of Multilaterally Agreed Equitable Principles 
analysis: The text discusses the framework for international transactions in services, including trade in services, transnational corporations, and policy issues related to development and growth. The language used is technical and economic, with references to specific sectors, modes of trade, and international agreements. This suggests that the text is focused on economic and trade-related issues.