Agricultural Commodities Agreement With The U.s. (1957)

These different components of foreign economic policy are inseparable. Actions taken on one component have an impact on one or more other components. No one can be treated in isolation. They form an integrated whole. However, these three political issues are not beginning to exhaust the immense range of economic issues dealt with in our international relations. There is the complex and difficult area of aviation policy. There are problems of navigation, telecommunications, elimination of agricultural surpluses, currency exchange, east-west trade and special problems related to important raw materials such as oil, cotton, wheat and rubber. Our participation in the economic programmes of the United Nations is a theme in itself. Today`s foreign policy is imbued with the economy, and in all these activities, the government aspires to closer cooperation with other peoples for the mutual benefit of them and us. The problems of the less developed countries are much more difficult than those of Western Europe. Many of them are already overcrowded compared to their low level of production. In addition, populations are growing rapidly, as mortality rates [page 65] fall sharply with the introduction of low-cost health measures. Capital is lacking and domestic savings are low.

The workforce must acquire the basic skills necessary for a modern economy. These requirements range from learning to read simple instructions to strengthening the high-level workforce, especially management, supervisory, technical and scientific talents. An entrepreneurial or entrepreneurial class must be created or expanded. In general, fundamental changes are needed in attitudes and institutions. Many of these problems can only be solved slowly and require long-term and persevering action to solve them. The GATT and the IMF are important forums for taking into account the differences that often occur today between friendly countries in the field of trade and payments. These differences result largely from the fact that governments that try to protect the industrial, agricultural or financial resources of their countries take measures contrary to the objectives of other nations. The overall objective of U.S. foreign economic policy is identical to that of our general foreign policy and, indeed, the overall policy of the U.S. government: to protect and promote the national interest, to enhance the security and well-being of the United States and its people.

In the interest of U.S. economic growth — the development of foreign markets and sources of supply — and to support foreign economic growth, the United States has encouraged private capital outflows. Industries are particularly sensitive to import competition. A sudden increase in imports can have relatively large effects on their production, profits and employment. . . . .



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