The tumultuous events of the past several years in the world economy were an enormous challenge to our creativity and to our capacity for leadership. We have emerged from this difficult period in a new position in the world, and we have directed and guided a sound recovery.
To assure the permanence of our own prosperity, we must work with others, demonstrating our leadership and the vitality of our economy. Together with the industrial democracies, we must ensure steady, non-inflationary growth, based on expanded international cooperation.
The Republican Administration will cooperate fully in strengthening the international trade and monetary system, which provides the foundation for our prosperity and that of all nations. We shall bargain hard to remove barriers to an open economic system, and we shall oppose new restrictions to trade. We shall continue to represent vigorously our nation's economic interests in the trade negotiations taking place in Geneva, guard against protectionism, and insist that the principles of fair trade be scrupulously observed. When industries and jobs are adversely affected by foreign competition, adjustment assistance under the Trade Act of 1974 is made available. This Act must be under continuous review to ascertain that it reflects changing circumstances.
The Republican Party believes that cooperation in the energy field is indispensable to international stability. Most of the industrial democracies and the less developed countries are increasingly dependent on imported oil, which causes them to be politically, economically and strategically vulnerable. Through the establishment of the International Energy Agency, steps have been taken to expand consumer cooperation. We shall also continue the dialogue with the oil producing countries.
We shall continue to work closely with the less-developed countries to promote their economic growth. Those countries will be encouraged to enter into mutually beneficial trade relationships with us that contribute to world peace. To achieve this, we must strengthen the confidence of the major industrial countries as they take part in discussions with less-developed countries. There is no reason for us to be defensive; our combined assets can be used in a coordinated strategy to make our influence effective. We will not yield to threats or confrontational politics.
While we shall support a global increase of investment in natural resources of all types, we shall also oppose the replacement of the free market mechanism by cartels, price-fixing arrangements or commodity agreements. We shall continue policies designed to assure free market consumers abroad that the United States will remain a dependable supplier of agricultural commodities.
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