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Related to COMECON: Cominform
COMECONCouncil for Mutual Economic Assistance
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Demand Energy (MTOE) Oil (MTA) 1987 1997 1987 1997 Asia/Pacific 1500 2400 690 1120 World 7350 8500 3000 3400 Comecon decline -550 -250 World increase excl.
But the high-growth Mongolian economy was amalgamated to the economies of the COMECON and was totally unprepared for the abrupt destruction of it.
Before transformation there was a big difference both in the requirements and the actual performance in the various markets (internal, COMECON and western).
Kadar: Real-estate prices in Hungary have been much higher in the past 25 years than in any other former COMECON country, so the real-estate business has not been as lucrative for foreign investors as it was in countries where the prices were low.
The reasons for this are clear: in the past, millions of workers in the former Comecon countries produced, with outdated technologies, the wrong goods at the wrong prices for the wrong markets at the wrong (and almost always unknown) costs.
Some COMECON members (Poland, Czechoslovakia and Hungary) want to disband the alliance so they can join the European Economic Community; others (Albania, Bulgaria and Yugoslavia) see themselves cast permanently as the "poor men of Europe" without COMECON.
In the social reality of the European COMECON countries, however, transition can only be achieved in stages.
Yet, in spite of these loans and joint ventures with Western firms, Hungary conducts around 55 percent of her trade with other COMECON countries -- the major trading partner being the Soviet Union with one-third of total transactions.
The Soviet Union's requirements to increase high-grade ore imports in response to declining domestic production created its own Perestroika as its Comecon neighbors scrambled for ore supplies in the latter half of the year, pushing prices even higher.
COMECON is very cognizant of the pending implications of 1992, when EEC states are to begin tearing down the walls of trade protectionism among themselves by eliminating tariffs.
Third, and no less important, Cuba is, with Vietnam and Mongolia, one of the "less developed" members of Comecon.
The possibilities of increased barter trade with the COMECON and other countries should also be explored as this would lead to greater inter-regional cooperation and development.