UN General Assembly
1982

the price now being fetched for cocoa, one of Grenada's basic exports, is half of what it was two years ago. 97. In many cases third world countries, especially small islands and small land locked States, are attempting through even further external borrowing to cover the deficits in their external accounts, caused partly by imported inflation, high energy costs and the openness of their economies. 98. This problem of external over-indebtedness is made worse by the rise of protectionism on the part of some developed countries. These protectionist trends are becoming stronger each day-as was evidenced in the struggle the third world was obliged to wage in negotiating the third multi-fibre agreement in December 1981. In our view, due to the interdependent nature of the world economy, it is necessary for the developed world to open up markets to the exports of the developing world. Prohibitive tariffs, subsidies which violate the principle of the international division of labour and quota restrictions on many commodities, including sugar, should be removed. 99. Another major problem is the power and dominance of the