The technological revolutions in transportation and communication systems have resulted in a truly single global economy; therefore all agricultural producers have to trade in an increasingly competitive worldwide market. What is needed is the development of international institutions and rules of commerce that will best serve everyone's interest. For this purpose multilateral trade negotiations are critical. Similarly the reform of the international monetary system to obtain stable conditions must be given high priority. One problem is that the economic integration that has occurred so far has proceeded at a far more rapid rate than the development of corresponding international institutions. By giving more attention to the development of these institutions the process of achieving stability and equilibrium in world markets can be speeded up and problems of adjustment minimised.