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23 J. Common Mkt. Stud. 1 (1984-1985)

handle is hein.journals/jcmks23 and id is 1 raw text is: Journal ofCommon Market Studies Volume XXIII, No. 1 September 1984 0021-9886 $3.00 The European Community and East-West Economic Relations PETER MARSH Manchester Polytechnic INTRODUCTION Recent developments in East-West economic relations have underlined the importance of the policies of the European Community and its member states for the trade prospects of the Soviet Union and Eastern Europe. The period from 1970 to 1977 coincided with a steady growth of East-West trade stimulated by the granting of Western credits to the socialist states for the purchase of capital goods, machinery and technology with which to modernise their industrial structures. In exchange the Soviet Union and Eastern Europe sought to expand their traditional sales of energy, raw materials and semi-finished goods but, in addition, to use newly-acquired Western machinery to boost their export of manufactured goods, thus earning hard currency to pay off Western loans and finance new purchases.I This pattern of trade produced regular annual Eastern deficits with the West up to 1982 when the East registered a small trade surplus and began also to reduce its net indebtedness to the West, a pattern continued in 1983.2 Within this general pattern the Community emerged as the major Western trading partner of the socialist states and the holder of two thirds of the total debts of the CMEA (Council for Mutual Economic Assistance) states.3 Particular countries, notably the Federal Republic of Germany, and particular industries, notably the process plant and chemical engineering IBornstein, Gitelman, and Zimmerman (1981). 2The Economic Commission for Europe noted a Soviet and Eastern European surplus on trade with the developed market economies of 0.9 billion dollars in 1983. See Economic Bulletin for Europe (1983), p. 2.16. For details on trade deficits in the 1970s see Bornstein et al. (1981). 3For the growth of the Community's trade and financial relations with the Soviet Union and Eastern Europe see Shlaim and Yannopoulos (1978), Chs. 1, 7 and 8, and The European Community and the Countries of Eastern Europe (1978).

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