Developing countries need open external markets for their exports to grow in the 1980s. To achieve this, international institutions and policies promoting a liberal trading system must be strengthened. The paper discusses the relationship between trade and industrial policies, suggests a new approach to trade adjustment assistance, and explores fair labor standards in the third world. It also looks at trade among developing countries and the options for encouraging it. Additionally, the interest of developing countries in liberalizing trade in services is highlighted.