Some developing countries have enjoyed considerable success in the export of manufactured goods and a growing number of others are producing a wider range of these products competitively. However, international agencies - particularly GATT, the World Bank and the IMF - regularly warn of the growing danger which protectionism poses to both the international trading and financial systems. They have also chronicled a recent relapse, after the deterioration in the climate of trade policy in the period 1974-78 had apparently been stopped by the advances in trade liberalisation agreed in the Tokyo Round of negotiations: “protectionism (defined to encompass pressures for protection as well as policy concessions to them) continued to gather strength in the past year”.