UN General Assembly
1978

336. In the fields of trade and financial transfers, the response of developed countries has not been a positive one for She sapid development .of developing countries. Exports of manufactures and semi-manufactures from developing countries are denied access to the markets of developed countries under hard-hitting tariff and non-tariff barriers. Besides, increasing recourse in developed countries to protectionist measures has further resulted an unfavourable terms of trade for the developing countries. The outcome is the steadily growing trade and balance-of-payments deficit of developing countries and the inevitable growth of their indebtedness. Despite a raise in the flow of official development assistance in real terms from the developed to the developing countries, the target of 0.7 per cent of the gross national product of developed countries has not yet been reached, with a few exceptions.