text: implemented the code of conduct codified in the United States Comprehensive Anti-Apartheid Act of 1986. Regarding the South African debt, that delegation noted that United States banks had little real leverage to press the South African Government for tougher repayment terms as a means of providing further pressure for political reform, and that repayment terms had been set almost unilaterally by thf! South African side. 50. Another delegation stated th~t th~ Commonwealth Heads of Government recognjzpn the importance of monitoring South Africa's financial links and endorsed the establishment of an independent agency to review and report on South Africa's international fi~ancial relations on a regular basis. That delegation was -23-particularly encouraged by the prospect that the Commission would be exam~n~ng means whereby transnational corporations could, through special training programmes, help to develop a cadre of black South African business managers. That delegation added that its Government had adopted over 30 measures designed to persuade the South African Government to dismantle apartheid. In the same vein, another delegation noted that its Government had requested that its business community not undermine the measures taken by other countries in South Africa. Regarding trade with South Africa, owing to the efforts of its Government, trade figures had declined 4 per cent in 1988 and 6 per cent in 1989 in dollar terms. That delegation's Government was also enhancing its economic and technical co-operation with the front-line States. 51. Several delegations expressed their appreciation for the work' of the Panel of Eminent Persons established to conduct the second public hearings on the activities of transnational corporations in South Africa. In their view, the hearings had contributed to raising public awareness in Europe and in other regions. Action taken by the Commission 52. The Commission took note of the report and recommendations of the Panel of 
analysis: The text appears to be discussing the economic and political relations between the United States and South Africa, specifically the efforts to address apartheid and the impact of economic sanctions on the country. It mentions trade figures, debt, and the role of transnational corporations, which suggests a focus on economic development and international trade.