PM Transcripts

PRIME MINISTER
FOR MEDIA 21 JUNE 1988
ECONOMIC DECLARATION FROM TORONTO SUMMIT
The Prime Minister today welcomed the priority given by
lpadurs at tho Toronto Ecnic SviujuiL L. u the reform ot worLd
agricultural trade, but expressed disappointment that the
] padars could not agree tha~ t early steps would be taken at
the M~ id-~ term Review of the Uruyudy Round to wind back farm
subs idies.
Agricultural trade reform was a key issue at the Economic
Summit, It Is pleasing that the leaders at the Summit
explicitly recognised the necessity of ensuring that the
Mid-term Review at Montreal in December adds impetus to the
negotiations on trade liberalisation, especially in
agriculture.
The willingness of the leaders to consider short-term options
for winding back farmn subsidies is an especially welcome
development. But the la'tk of agreement at this stage to the lIplemenitation
of measures at the Mid-term Review for early action on
agriculturo means that all pakLicipants In che process must
work hard between now and December to develop short-term and
long-terin proposals for agricultural trade reform.
Australia urges that the negotiations in Geneva over the next
few months recognise the legitimate interests of the Cairns
Group and develop specific proposals for early action which
cain be endorsed at the Mid-term Review.
The Prime Minister paid tribute to President Reagan and Primne
Minister Mulroney in particular, for pursuing agricultural
trado reform so vigorously at the Summit.
The Prime Ministar endorsed the view of leaders at the Summit
that the GATT must be strengthened and its disciplines
Improved.
The Prime Minister welcomed the commitment of the leaders to
strenqthen efforts to reduce the growth of spending in
cour-stries wit~ h balance of payments deficits and to sustain it
in countries with surpluses. The task for the incoming
President will be to reflect that commitment In significant
early cuts in the fiurjal deficit of the united States. 73 G 1