Economic Summit Closing Remarks

Chairman of the 1991 Economic Summit of the Industrialized Nations John Major read the final communique of the summit, which ties together the main themes of the declarations produced during the summit. The summit’s political declaration focused on strengthening the United Nation’s role as an arbiter and enforcer of international law, and regulation of unconventional and conventional arms sales. The summit’s economic declaration centered around maintaining economic policies encouraging open markets, lower interest rates, and reduction of budget deficits. It also supported the growth of world savings, the increased role of the international monetary fund, and the continuation of the Uruguay round of trade negotiations. The economic declaration also supported the political and economic reformation of the Soviet Union and countries in Eastern Europe, and stressed the integration of environmental policies with economic decisions. The summit also produced a declaration on arms sales, suppor close