This Study has primarily been concerned with the issues and perspectives on the historical evolution and working of the arrangements governing international trade in "textiles", particularly the latest such arrangement, unofficially knows as the Multi Fibre Arrangement (MFA). While we have discussed the problems of both the developed and the developing countries in the field of world trade in textiles and their implications for structural changes in the pattern of a more rational international division of labor, greater attention has been paid to the problems of the developing "textile" exporting countries with special reference to the Southeast Asian countries. The study has mainly concentrated on the adjustment problems in the working of the MFA. The working of the multilateral surveillance for the implementation of the MFA through the Textiles Surveillance Body (TSB) has been evaluated. In the light of the findings, the Study has offered a few suggestions for renegotiating the MFA in the near future to achieve its objectives more effectively. This Working Paper presents the 'Summary and Conclusions' of the Study mentioned above. A few tables and statements having a bearing on the issues and conclusions presented in this paper are appended to help the readers to get a better perspective.