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207. Memorandum From the Special Representative for Economic Summits (Owen) to the President’s Assistant for National Security Affairs (Brzezinski)1

SUBJECT

  • Foreign Economic Policy Goals

Our object for the next 18 months in foreign economic policy should be to finish what we have begun:

1. Coordination of economic policy:

a. Keeping German and Japanese economic growth at present 4% and 6% goals, respectively, so as to help avert a world recession.

b. Pressing Japan to base its economic growth more on domestic demand, so as to reduce its current accounts surplus.

2. Trade:

a. Completing MTN.

b. Reducing Japanese barriers to imports of manufactured goods.

3. North-South:

a. Helping LDCs produce more energy (continuing IBRD program, improving bilateral aid programs, and agreeing at Summit on how to concert these bilateral programs).

b. Getting the aid bill through Congress.

c. Completing Common Fund negotiations.

d. Setting up Institute for Scientific and Technological Cooperation, as proposed by President, and making it the centerpiece for increased international cooperation in technological aid to LDCs.

4. Energy: International agreements on:

a. Reduction of dependence on OPEC.2

b. Increased production and use of coal.

c. Increased efforts to develop new technologies.

5. Nuclear Energy: 1980 Summit agreement on multilateral ownership and management of reprocessing, enrichment, waste management, and plutonium storage.

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6. International Monetary Policy: Continuing negotiations on substitution account (i.e., giving SDRs a larger role to play, thus reducing somewhat the role of the dollar as a reserve currency).

  1. Source: Carter Library, National Security Affairs, Brzezinski Material, Subject File, Box 16, Economic Assistance Strategy: 6/78–9/79. Confidential. Sent for information. Brzezinski wrote at the top of the page: “great! ZB.”
  2. Brzezinski wrote “how?” in the margin adjacent to this sentence.