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160 by the large proportion (one-third) of foreign economic aid which the COME- CON group allocates to Africa than by the volume of trade taking place be- tween these aid donors and recipients. For instance, in 1965, the trade turnover of the seven Soviet bloc countries with all of Africa (29 countries) amounted only to 5 per cent of global African trade (or $ 904 million). Nevertheless, even this percentage represented significant progress inasmuch as in 1954, i.e. before the USSR began to extend foreign aid, the percentage was but 1.37. The book pays close attention to the trade creating aspects of Soviet bloc economic assistance and concludes that the economic rationale of the related trade flows rests on Africa's ability to supply commodities for which her tra- ditional markets have become less and less accessible, and on Eastern Europe's growing demand for consumer goods and foodstuffs. An additional factor underlying this international exchange is Eastern Europe's capacity to export capital goods. The future of commercial relations between the two groups of nations de- pends on Africa's production of those goods for which East Europe's demand is less elastic than it is for Africa's traditional exports. Without this
Journal of Asian and African Studies (in 2002 continued as African and Asian Studies) – Brill
Published: Jan 1, 1971
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