The Uruguay Round of major multilateral trade negotiations, the eighth such round of negotiations, began at Punta del Este in September 1986 and was still underway at the end of 1991. A measure of the total value of goods and services produced by the domestic economy during a given period, usually one year. The total market value of all final goods and services produced by an economy during a year. In February 1991, the exchange rate was devalued further to align the official rate with the market rate, and the official exchange rate was adjusted weekly to keep this parity. An economic development strategy that emphasizes the growth of domestic industries, often by import protection using tariff and nontariff measures.
Proponents favor the export of industrial goods over primary products.
These loans often carry conditions that require substantial internal economic adjustments by the recipients. Trinidad, Tobago, Barbados, and the islands off the north coast of South America do not belong to either subgroup. The Stabilization of Export Earnings Scheme, a mechanism set up by the Lom Convention, provides compensation for ACP export earnings lost through fluctuations in the world prices of agricultural commodities. The Lom Convention also provides for limited EEC development aid and investment funds to be disbursed to ACP recipients through the European Development Fund and the European Investment Bank. The Lom Convention is updated every five years.