Cushioning move

Press, Volume CXI, Issue 32626, 7 June 1971, Page 11

Cushioning move

(N.Z. Press Assn.—Copyright) LONDON, June 6.

Plans to establish a Commonwealth Import-Export Bank and a Commonwealth Export Development Fund will be presented to senior trade and finance officials of the 32 Commonweath member-nations at a conference in London tomorrow "The Times” reports.

The scheme, it says, could be crucial in cushioning the Commonwealth’s developing nations against the adverse economic effects of Britain’s joining the Europea Economic Community. The study containing the plan has been drawn up by

the Commonwealth Secretariat in London. It is understood to contain two radical proposals for expanding exports, and to be aimed at solving the two main problems hindering the exports of developing countries—their lack of experience and of facilities for offering long-term credit to customers.

The conference, to be held at Marlborough House, will be told that the development proposal will enable developing countries to pool their own export knowledge, and the help they receive from the developed world.

The bank scheme is a much more controversial

one, mainly because of the cost, but both schemes are likely to provide a hardselling task for their supporters, ‘'The Times” says.