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7344722
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Dorado Beach Summit Conference Pool Report #5 - Add. #2
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7344722
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document
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Dorado Beach Summit Conference Pool Report #5 - Add. #2
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White House Press Releases (Ford Administration)
Press Releases
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7344722
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28
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1976-06-28
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6
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1976
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Digitized from Box 28 of the White House Press Releases at the Gerald R. Ford Presidential Library
June 28, 1976
DORADO BEACH SUMMIT CONFERENCE POOL REPORT #5--ADD.#2
Conference sources described in detail this morning the opening remarks
of German Chancellor Helmut Schmidt, who chaired the discussion of pro-
blems between North-South, developed-developing countries. Schmidt's
theme was that the position adopted at the recent meeting of the United Nations'
Conference on Trade and Development would not, repeat, not help the countries
genuinely at need. In fact, he said, the real winners would be a handful of
twelve undeveloped countries which might gain a slight advantage, the Soviet
Union which would enjoy a large advantage, and six developed nations which
will enjoy "windfall profits" by gaining double benefits from any universal
commodities' stabilization fund.
At the recent Unctad meeting in Nairobi, the less developed countries, joined
by the Soviet Bloc, pushed through a resolution urging that stabilization funds
basically financed by commodities' importing nations be established which would
place a floor under the price of each commodity involved. They would do so
by purchasing the commodities whenever the market price fell below the
established'floor" level and storing the raw material until a rise in prices
permitted its sale.
By Schmidt's detailed analysis, agreeing with a long-established U.S. position
held that the great majority of the 87 less developed countries which were
analyzed by the German government would suffer from such a program, not,
repeat, not.gain.from it.
Among the East-Bloc nations, including the Peoples Republic of China, nearly
all twelve countries suffer deficits in raw materials export, except the Soviet
Union, which is a large net exporter, and would be the "chief beneficiary" as
Schmidt'said of a general commodities stablization pool.
Schmidt noted that there was a "transfer effect" which would basically enable
all the industrial nations, even those which are net raw materials exporters,
to pass on their cost increases to others in heightened prices of their finished
goods sold in export. And even for the twelve major exporters among the =
ldc's, Schmidt's said, they have indirect costs, which actually reduced the
real earnings from raw exports below levels indicated by simple export-import
data.
Schmidt's conclusion, therefore, was that a universal system of commodities
stablization funds would not help the developing word as a whole and benefit
the rich.
A general discussion of the commodities issue followed Schmidt's presentation,
conference sources said.
Jerry Cahill--NYDaily News
Rich Thomas--Newswe ek
Len Filk--NYTimes