text: 60. The quest for a solution of the debt problem in the short- and tbe mediun-termshould encompass ways of enlargi.ng the resources availabre to developing countrlesand an intensification of mrrlti-year debt rescheduling as well as a continuation ofnecessary domestic adjustment measures in the debCor countries. For the low-inco.necountries in particular' an increased floe of concessional financing is essential,Tbe cancellalion of tbe official debt of poorer countries remains a rna tter of hiqhA/ 40/708 English Page 15 priority. An i ntergover nmenCa 1 dialogue on these natters, taking a realistic vieer of the prospects for the indebted countries, has been suggested and deserves ser i.ous cons idera lion. 61. The debtor countriesr ability to impose harsh domestic adjustment programnes and to endure lasting auscerity rests on lhe expectaeion that these sacrifices have a meaning and a purpose. and that ',rithin a reasonable period of time foreign credits and expanding foreign markets !ril1 become available and real interest rates witl faIl. socially and politicat!.y painful adjustnents in the structures of producgion, consumptj.on and factor utilizalion are belnq made on the assunption that developed countries wiII' for their par!, adjust to observed shifts in comparative advantage instead of closing their markets. Any strategy for resolving the debt problem in a smooth manner must seek to ensure that such expectations are meE. E. Trade, protecEionism and s tr 9q!9!ql-j:!Li!gg!9gg 62. The principles'that guided international efforts co liberalize trade at the end of the Second world vla r and that became part of the General AgreemenE on Tariffs and Trade ,rere mul.tilateralism, reciprocity and non-discrimination in the form of the most-favou r ed-na tion principle. The rules of GATT bind its signatories to obligations directed towards the objective of freer trade, vrhile recognizing lhe need for escape clauses, The Agreement was soon amended to recognize that developing countries could not fully part.icipate in GATT on a basis of equality and reciprocity. 63. Throughou! lhe process of trade liberalization that has taken place since the
analysis: The text appears to be discussing economic issues related to debt, trade, and international relations, with a focus on developing countries and the need for cooperation and adjustment measures to address the debt problem. The language used is formal and technical, suggesting that the text is related to economic policy or international economic relations.