text: ne\r rules and invoLve ner agencies, one solution rnight be to hold parallel talkson trade in goods and trade in services. These difficulties seem likely to be overcome. and a new round woDld be belpful if an attemp! were made to strengthen and improve the GATT framework and to bring under it the sectoral arrangenentscurrently negoti.ated outside, which threaten to erode completely respect for GATTprinciples. ft is important, holrever, that a ne1.' round should be carefullyprepared so that it reflects the interest of aII participants, 69. The fntegraled Programme for Commodities j.s anoeher international effort thathas not met expectalions. Had a comprehensive set of mechanlsms to reduceinternaCional fluctuations of commodity prices been in place in tbe early 1980s -as envisaged by the fnlegrated programme - j,t miqhe aell bave softened lhe impactof recession on the expor! earnings of the developing countries. As things stand no$r' the Aqreement Establishing the comnon Fund for coftmodities wirl not becomeoperative \rilhout further support. from some major developed market econooies orfron Eastern Europe. Recent experiences arso suggest that, in negotiating rene$rarsA/40/708 English Page 17 of individual agreements, participants should make greater efforts to lmprove the agreements and not allor,, then Co be ureakened. 70. In view of the timited capaclty of commodity agreemenls to stabilize export earnings, there remainE a need to supplement such arrangenents with enlarged and improved compensatory facitities. In 1983 and 1984, the conditions and procedures of the IMF Cornpensatory Financing Facility, and naxinum drawings therefrom' were changed in a restrictive direction, and there i3 non a need to liberalize access to the Faci1ity, 7L. creater efforts to enhance stability in primary commodity prices are necessary, but diversification of national economies in order to reduce reliance on one or a few primary commodities is tbe only way, in the long run, to lessen their vulnerability to adverse external developments. F. Final observations '12. The consultations undertaken in the course of preparing this report and the
analysis: The text discusses international trade, commodity prices, and the stability of export earnings, indicating a focus on economic development and international trade. The mention of the GATT framework and the IMF Compensatory Financing Facility suggests a context of international economic cooperation and agreements. The text also touches on the issue of diversification of national economies, which is a broader theme related to economic development.