Word: trades
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Dates: during 1950-1959
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Having done their homework well, and being of one mind, economic ministers of the Outer Seven needed only two days last week at the Swedish resort of Saltsjoebaden to agree on the essentials of their European Free Trade Association (TIME, July 27). Member nations hope to have the final draft by October and to announce their first common tariff reductions, to be effective next July. They made no bones about their real purpose: "To facilitate negotiations" with the bigger, booming Common Market Six (France, West Germany, Italy, Benelux) and thus head off a permanent division of European trade...
...million a year from tourists, who will no longer buy their pesetas on the black market. The liberalizing of imports and the streamlining of the whole process of giving out import licenses should drastically cut down on the profession of smuggling, which now accounts for one-fourth of Spanish trade. Most important of all, membership in OEEC takes Spain out of limbo and into a Western Europe progressing healthily while Spain has been deteriorating economically...
Swiss pineapple cheese cream scarcely sounds like a dish designed to go with German Schinken und Kartoffel. But, forewarned by trade journals, wise West German grocers are busily stocking up on the ingredients. After Clemens Wilmenrod, Der Fernsehkoch (The Television Cook), tells the Hausfrauen how to make it, Swiss cream is sure to be a favorite dessert-and Clemens plans to pass the word soon. The balding, Menjou-mustached, ample-jowled Fernsehkoch last week was well into his seventh year on the air, with the oldest and most popular show on West German...
From the ricksha-cluttered commercial district of Shanghai to the waterfront of Tientsin, hardly a Western businessman could be found last week in all of Red China. The traders who came and went with revolving-door regularity only a few months ago, crying the benefits of trade with the Chinese Communists, have returned disillusioned to Germany, Italy, Great Britain, France, Canada. What soured them on doing business behind the Bamboo Curtain was no political change of heart, but the best reason a businessman can have: unbusinesslike methods of doing business, developed by the Chinese into an exasperating art. Snapped...
When it started its highly touted trade offensive short months ago, Peking lured Western businessmen with offers of $7 violins. $23 sewing machines, $14 bicycles, promised to deliver nails, newsprint and electric motors at prices far below Japanese goods. But haste to gather foreign exchange to cover a huge trade deficit with Russia-and to do what it could to damage non-Communist competitors-led Red China to overstep itself. Its rickety economy suffered from primitive production methods, an overburdened transportation system, and an anarchic planning system that put untrained workers on industrial machines and knowledgeable technicians in mines...