Multilateral Trade Negotiations Agreements Statement by the President.

The United States today has entered into international agreements that will bring a new order to the world trading system.

Trade negotiators representing 41 nations, accounting for more than 90 percent of world trade, have agreed in Geneva on the final, substantive results of the Tokyo Round of international trade talks. These Multilateral Trade Negotiations (MTN), the seventh round since World War II, are the most comprehensive and far reaching since establishment of the General Agreements on Tariffs and Trade (GATT) in 1947. For the first time, agreements or "codes" have been concluded on a broad range of "nontariff" obstacles to trade. Phased tariff reductions averaging about 33 percent were also approved.

The agreements, when approved by Congress, will establish new trading rules that will increase the opportunities of all nations, rich and poor, to exchange their goods under equitable conditions. Through such fair and open trade, we strengthen peace and trust in the world and make more efficient use of the world's human and material resources.

The agreements steer us away from destructive protectionism and into a path of greater export opportunities, with the prospects of new jobs, improved productivity, and increased industrial and agricultural production. The new opportunities that are thus developed will be realized through vigorous efforts by government, industry, and agriculture to promote exports.

The trade agreements that we have signed are the product of years of work, during which time American negotiators have been advised and assisted by concerned Members of Congress and by hundreds of men and women from the private sector.

I wish to take this opportunity to reemphasize this administration's commitment to the national export policy that stimulates our export trade. I also wish to commend all those in the United States and abroad whose labors resulted in the new international trade agreements.