Joint Statement Following Discussions With the President of Mexico.

DURING the conversations that have taken place in Washington as a continuation of those begun in Mexico in March of this year, the Presidents of the United Mexican States and of the United States of America have had an opportunity to ratify in the friendliest spirit their common purpose to further develop, for the reciprocal benefit of their peoples, the cordial relations existing between the two Republics.

Recognizing that one of the most important and practical methods of strengthening the policy of solidarity of the two Nations is undoubtedly a program of cooperation to solve the complex economic problems of the present postwar period, both Chiefs of State have agreed that their respective administrations must exert all efforts to raise the standards of living in their countries by increasing productivity and, consequently, the purchasing power of their peoples.

To this end the Presidents of the United Mexican States and of the United States of America are pleased to announce that they concur in the desirability of signing a new agreement to stabilize the rate of exchange between the peso and the dollar.

In addition, the Export-Import Bank of Washington is prepared to approve additional credits to Mexico to assist in financing a number of projects laid before it by the Mexican Government--projects which are designed to make the greatest and earliest contribution to the economy of Mexico.

Other important aspects of the program of economic cooperation between the two Republics are under study.

In issuing this statement both Chiefs of State express their satisfaction with the great cordiality attained in the relations of the peoples they represent, and both, inspired by the ideals of Good Neighborliness and by mutual and full understanding of their problems, reaffirm their decision to strengthen the bonds of the inter-American community.