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Updated: May 20, 2025
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.
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.
Third, we will strive to resolve pressing international economic problems, particularly energy and inflation, and continue to pursue our still larger objective of global economic growth through expanded trade and development assistance and through the preservation of an open multilateral trading system.
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.
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