text: under GAT'I. In recent. years, though, trade tensions have intensified and the focus of the dispute has shifted fron a concern over inpor! restrictions to a growing preoccupati.on rith the massive sulrsidization of farm exports which depresses internationaf prices and encroaches upon lhe rnarket share of conpetitive exporters. A noteh,orthy developnent in this field is Ehe work under way in the GATT Conmittee on Trade in Agriculture, established by ttte Ministerial Declarationof 1982. For tbe first. tine, agricultural policies of all tlpes are being subjected to international scrutiny. The ComniEcee has been specifically charged with elaborating approaches for possible future negotiations in tbis area with a vierd co improqing terns of access to market.s, bringing export competition under greaEer discipline, defining :.inies between national policies and trade measures and providing dj.fferential and nore favourable treatnent Eo developing countries. 56. Another inportant factor behind the rise in protectionisn in recent years bas been the high degree of instabiliey in financial and foreign exchange markets and the persistent misalignnenE of certain key currencies, most notably the united states dollar. Fluctuations in exchanqe ra[es unrelated to trade fundamenlalsprotecB the fact resultedA/ 40 /5e7 English Page l-7 distort price conpetitireness and help explain not only the rise in protectionisn, but also the imposition of ouantitative raeher than price-related re6tricEions as lhe preferred forn of protection in recent years. At the 6ame tine, the vast redirection of capital f lorrs lhat has taken place in recent years, together with lhe rise in real interest ratea, has forced nany countries, particularl-y developing countrles, to subordinate trade policy to financial considerations. A consenaus is emerging on the need for greater co-ordination in the macro-econonic policies of the major trading partners in order to create a more stable environment in which tradinq and financial relations can be nornalized. IDdeed, fuller appreciaEion of
analysis: The text primarily discusses the issues surrounding international trade, specifically the protectionism and trade tensions between countries. It also touches on the impact of financial and economic instability on trade policies. The text does not explicitly mention natural resources, environment, or human-related issues.