TNAG-1255-FCO40-1588-Third-countries-and-the-future-of-Hong-Kong-1983 — Page 50

CORVIDENTIAL

SEGRET

the wide range of issues with which it dealt". The Report covers the substantive issues and makes recommendations for both the short and long term. It also deals with matters of procedure and makes recommendations on the next steps that the international community might take.

Finance Ministers specifically commended the Report to Commonwealth Heads of Government in New Delhi and requested the Prime Minister and Minister of Finance and Planning of Trinidad and Tobago "to convey to his colleagues at New Delhi the essence of the discussions in Port of Spain". The relevant paragraphs of their Communique are set out in Annex I to this letter.

Heads of Government will note that in Port of Spain Commonwealth Finance Ministers gave particular attention to the question of follow-up to the Report, including the recommendations on process, and that in doing so:

"They welcomed the view that the call for a 'New

Bretton Woods' should be seen as a need for renewed work towards shared international objectives requiring the most careful preparation. An international conference could be the culmination of the process. They agreed on the need for a more integrated approach to inter-related issues of money, finance and trade. They also agreed that these were matters of great political importance requiring careful consideration by the international community at the highest level".

The Report's recommendations on 'process' is attached hereto as Annex II.

Taken together with the 1982 reports, TOWARDS A NEW BRETTON WOODS will provide Heads of Government at New Delhi with a comprehensive, authoritative and up-to-date survey of contemporary international economic issues offering pointers for solutions both on substance and on process. It is now for Commonwealth leaders together to grasp the situation in its full political dimensions. The New Delhi meeting will be almost uniquely well-placed to contribute to global consensus-building in this area of critical importance to all countries.

5.

COMMONWEALTH FUNCTIONAL COOPERATION

Commonwealth Heads of Government do not expect to dwell extensively on the details of functional cooperation. These are for the greater part in the domain of appropriate Ministerial consultations. Together, however, they represent a vital practical element of Commonwealth relations and to many Commonwealth leaders, particularly among developing member countries, they are a tangible expression of the Commonwealth connection. Heads of Government will want their New Delhi meeting to reinforce the importance of this day-to-day cooperation between member countries. The specific topics are:

5 SECRET

CAMDENTIAL