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While our oil imports remained a major drain on our foreign exchange earnings, that drain was somewhat moderated by a 19 percent decline in the volume of oil imports. U.S. trade negotiators made significant progress over the past year in assuring effective implementation of the agreements negotiated during the Tokyo Round of Multilateral Trade Negotiations.
From Firms to Firms This is really a subset of the previous axis of dissemination. Its distinction is that while the former is concerned with multilateral, international interactions this axis is more inwardly oriented and deals with the goings-on between firms in the same territory. Here, the desirability of full disclosure is even stronger.
Imagine then, as I have said before, a horseshoe-shaped crater of sand with steeply graded sand walls about thirty-five feet high. Round the bottom of the crater, about three feet from the level of the ground proper, ran a series of eighty-three semi-circular, ovoid, square, and multilateral holes, all about three feet at the mouth.
The actions we have taken in such areas as energy, trade, commodities, and international financial institutions are all important to the welfare of the developing countries. Another important way the United States can directly assist these countries and demonstrate our concern for their future is through our multilateral and bilateral foreign assistance program.
If the mental process of Herbart's four periods is to come naturally, it would be essential that great interest in the object should exist; it is interest which would keep the mind amused, or, as the famous pedagogist would say, plunged in the idea, and would maintain it in a system nevertheless embracing multilateral ideas; and hence it is necessary that "interest" should be awakened and should persist in all instruction.
An essential step in this field is the provision of an administrative agency to insure the orderly and proper operation of existing arrangements trader which multilateral trade is now carried on.
We must continue to support those activities, bilateral and multilateral, which aim at improving food production especially in developing countries and assuring global food security. These measures are necessary to the maintenance of a stable and healthy world economy.
These multilateral programs enhance the efficiency of U.S. contributions by combining them with those of many other donor countries to promote development; the proposed new World Bank affiliate to increase energy output in developing countries offers particular promise. All these types of aid benefit our long-run economic and political interests.
Aid Economies Economies that derive most of their vitality from aid granted them by donor countries, multilateral aid agencies and NGOs. Many of the economies in transition belong to this class. Up to 15% of their GDP is in the form of handouts, soft loans and technical assistance. Rescheduling is another species of financial subsidy and virtually all CEE countries have benefited from it.
The multilateral trade negotiations are now reaching a successful conclusion, and congressional approval is essential to the economic well-being of our own country and of the world. This will be one of our top priorities in 1979. We are entering a hopeful era in our relations with one-fourth of the world's people who live in China.
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