negotiation of bilateral concessions aimed at reducing average national tariffs by 8 per cent a year, concessions to be extended eventually to all LAFTA members. Under the second mechanism, every three years members agree to grant tariff concessions on a list of products representing one fourth of intra-LAFTA trade during the previous three-year period (to be applied cumulatively after 1973). Progress thus far in implementing LAFTAarrangements has been disappointing, and increasingly emphasis has shifted from trade liberalization to supplementary activity aimed at
International Monetary Fund. External Relations Dept.
This paper presents highlights of the IMF Meetings in 1968. The main themes of the IMF Annual Meeting were referred to by President Lyndon B. Johnson of the United States in his address at the opening joint session. He described 1968 as “a year of crisis in financial markets,” and the special drawing rights facility as a “major step in international financial cooperation.” Many IMF Governors returned to the theme that the containment of the potentially disruptive consequences of the events of the past year was due chiefly to a remarkable degree of international cooperation and collaboration.