Credit this country for setting up parties (5)
I believe the answer is:
kudos
'credit' is the definition.
(kudos is recognition or praise for something)
'country for setting up parties' is the wordplay.
'country for setting' becomes 'uk' (I can't justify this - if you can you should give a lot more credence to this answer).
'up' says the letters should be written in reverse (in down clue: letters go upwards).
'parties' becomes 'dos' (do is a kind of party).
'uk' in reverse letter order is 'ku'.
'ku'+'dos'='KUDOS'
'this' is the link.
Can you help me to learn more?
(Other definitions for kudos that I've seen before include "Honour - cachet" , "'Credit, honour or prestige (5)'" , "Pat on the back" , "Acclaim" , "Informal honour of glory" .)