358. Summary of the Council on International Economic Policy Executive Committee Meeting1
[Omitted here is summary material on International Capital Markets.]
II. Most Seriously Affected LDCs: It was agreed that on the issues related to the LDCs most seriously affected (MSAs) by the increase in oil and other prices that:
- A background statement containing our assessment and approach to the problem (see attached) would be made available to all interested agencies and become the basis for U. S. action bilaterally and in the UN, World Bank, IMF, C–20 “Development Council,” OECD, EEC, and other relevant forums.
- These problems should be examined on a case-by-case basis, and the U. S. should resist pressures in multilateral forums for overall schemes and solutions requiring special country contributions. Within the U. S., we would proceed on the established course seeking Congressional approval on the multilateral and bilateral aid programs with decisions in July–August on the FY 75 P. L. 480 program.
- An interagency working group would be established to monitor the changing developments affecting the MSAs and to assure that a uniform U. S. position reflecting any necessary changes is maintained in the different international forums. The work of this group would be related to and affected by the OMB (Bridgewater) group on P. L. 480.
- Ray Sternfeld of the CIEP and Charles Cooper of NSC would discuss organization of the group, which would include representatives [Page 1017]of State, Treasury, Agriculture, CIA, AID, FEA, NSC, OMB, and CEA. Names should be submitted to the CIEP Executive Secretariat (Phone: 456–2937).
[Omitted here is summary material on the U.S. Position on Expropriation and MNCs in International Forums.]
- Source: National Archives, RG 429, Records of the Council on International Economic Policy, 1971–77, Records of Executive Committee Meetings 1973–74, Box 252, File 53665, July 2, 1974 Meeting. No classification marking. Submitted by Flanigan to members of the Executive Committee on July 3. A copy was sent to Cooper and Maw.↩
- The attachment is marked “Draft.”↩
- The annex, “LDCs Most Seriously Affected,” is attached but not printed. The countries listed in it are: Bangladesh, Cameroon, Chile, Costa Rica, Honduras, India, Ivory Coast, Kenya, Pakistan, Senegal, South Vietnam, Sri Lanka, Tanzania, Uruguay, Botswana, Cambodia, Guyana, Lesotho, Chad, Mali, Mauritania, Niger, Upper Volta, Sudan, and Swaziland.↩