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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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