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INSTITUTIONS, IMF, WORLD BANK AND TO PUT THEM ON WHAT THEY CALL A MORE DEMOCRATIC BASIS, MEANING AS IT WERE, ONE MAN ONE VOTE THE WHOLE WORLD OVER TO CONTROL THEM. BUT WE THOUGHT THAT WAS UNREAL- ISTIC, BUT WE HAVE AGREED TO SET UP THIS EXPERT GROUP TO REPORT IN TIME FOR THE SPECIAL SESSION OF THE UNITED NATIONS IN THE AUTUMN
OF THIS YEAR. WHAT WE WERE TRYING TO DO WAS A BRIDGE-BUILDING OPERATION. WE RECOGNISE, AS SO MANY ADVANCED COUNTRIES DO, THAT
THE TERMS OF TRADE BETWEEN PRIMARY PRODUCING COUNTRIES AND MANUFACT-
tRING IMPORTING ADVANCED COUNTRIES HAVE BEEN UNFAIR TO THE PRIMARY
PRODUCING COUNTRIES. WE WANT TO SEE, AS WE ALL DO, EXPANDING WORLD TRADE, WE WANT TO SEE A SHIFT OF WEALTH AND INCOME TO THE PRODUCING
COUNTRIES AND ESPECIALLY THE POORER ONES AMONGST THEM, THOSE WHO
HAVE BEEN HIT, FOR EXAMPLE, BY THE OIL CRISIS AND HIGH COMMODITY PRICES: WE DO NOT, HOWEVER, BELIEVE YOU'VE GOT TO TEAR THE WHOLE SYSTEM OF WORLD TRADE APART. WE WANT TO SEE, IF I CAN COIN A
PHRASE, IN THIS CITY, A STEP BY STEP APPROACH IN RESPECT OF
NDIVIDUAL COMMODITIES, AND MANY COUNTRIES THERE WERE MORE CONCERNED TO GET PROGRESS MADE ON TEA, OR JUTE, OR SISAL, OR COTTON,
@ WHATEVER IT MIGHT BE, SUGAR, THEN IN A LONG HAUL TRYING TO
RECONSTITUTE THE WHOLE OF WORLD TRADING RELATIONSHIPS.
Q. CAN YOU TELL US WHAT YOU HAVE DISCUSSED WITH PRESIDENT FORD IN
YOUR MEETING THIS AFTERNOON AND, MORE SPECIFICALLY, WHAT YOU PLAN
TO DO AND HOPE TO. ACHIEVE AT THE NATO SUMMIT MEETING?
A WE DISCUSSED PRETTY NEARLY EVERYTHING YOU CAN DISCUSS IN THE
SPACE OF ONE HOUR. WE OBVIOUSLY DISCUSSED KINGSTON, THE COMMON-
WEALTH CONFERENCE, ON WHICH HE ALREADY HAD REPORTS IN THE COURSE
OF THE DAY FROM THE PRIME MINISTERS OF AUSTRALIA AND NEW ZEALAND,
AND HE'S SEEING THE PRIME MINISTER OF SINGAPORE TOMORROW. WE
DISCUSSED COMMODITIES WHERE WE HAVE BEEN WORKING IN PRETTY CLOSE
TOUCH WITH THE UNITED STATES GOVERNMENT EVER SINCE WE FIRST
DSCUSSED THIS INITIATIVE LAST JANUARY. WE DISCUSSED THE FORTH-
COMING OECD MEETING BRIEFLY. WE HAD A PRETTY FULL DISCUSSION ON
THE MIDDLE EAST AND I GAVE NOTICE OF ONE OR TWO QUESTIONS THAT THE FOREIGN SECRETARY AND I WILL BE DISCUSSING WITH HENRY KISSINGER
WHEN WE MEET THIS EVENING, INCLUDING ENERGY QUESTIONS AND CONCORDE
AND A FEW PROBLEMS OF THAT KIND. IN FACT ON THE HATO SUMMIT WE
HAD QUITE A GOOD DISCUSSION THERE AND PERHAPS THE FOREIGN AND
COMMONWEALTH SECRETARY WOULD LIKE TO DEAL WITH TH 13.
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/ (CALLAGHAN)