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- 7 -
6. FDIP Reclassification
The Spanish feel that our classification of Spain
in Schedule C (developed countries) of the Foreign
Direct Investment Program has reduced American invest-
ment in Spain to the detriment of the Spanish economy.
They argue that they should have been put into
Schedule A (less developed countries). They would
undoubtedly be satisfied with a reclassification into
Schedule B (countries heavily dependent on U.S.
investment, such as the U.K.).
We are prepared to reclassify Spain from Schedule
C to Schedule B. When this reclassification becomes
public knowledge, other countries which in the past
have requested reclassification will probably renew
their requests. However, entirely apart from the
Spanish question Commerce may consider a merger of
Schedules B and C. Even if this is done subsequently,
the position of Spain along with the other countries
in Schedule C will be improved.
7. Spain-EC Negotiations
Our attitude toward Spain's negotiations for
a preferent. al trade arrangement with the European
Community w..11 be an important factor in the base
negotiations. In accordance with NSDM 45, we will
oppose the Spanish-EC agreement as presently proposed,
but will indicate our acceptance of any arrangement
consistent with the GATT rules which Spain and the
EC might work out, such as one which provides a
definite plan and schedule for the formation of a
free trade area within a reasonable length of time.
If we can convince the Spanish that our position
is designed to support their objective of closer ties
to the EC we may succeed in mitigating the adverse
effect on the base negotiations. If our position
should result in the EC giving Spair a firm commitment
on economic integration within a fixed period of time
the Spanish might be pleased. If, however, the Spanish-
EC agreement should not be consistent with GATT rules,
we will require your decision on a fallback position.
SECRET
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"ocrText": "SECRET\n- 7 -\n6. FDIP Reclassification\nThe Spanish feel that our classification of Spain\nin Schedule C (developed countries) of the Foreign\nDirect Investment Program has reduced American invest-\nment in Spain to the detriment of the Spanish economy.\nThey argue that they should have been put into\nSchedule A (less developed countries). They would\nundoubtedly be satisfied with a reclassification into\nSchedule B (countries heavily dependent on U.S.\ninvestment, such as the U.K.).\nWe are prepared to reclassify Spain from Schedule\nC to Schedule B. When this reclassification becomes\npublic knowledge, other countries which in the past\nhave requested reclassification will probably renew\ntheir requests. However, entirely apart from the\nSpanish question Commerce may consider a merger of\nSchedules B and C. Even if this is done subsequently,\nthe position of Spain along with the other countries\nin Schedule C will be improved.\n7. Spain-EC Negotiations\nOur attitude toward Spain's negotiations for\na preferent. al trade arrangement with the European\nCommunity w..11 be an important factor in the base\nnegotiations. In accordance with NSDM 45, we will\noppose the Spanish-EC agreement as presently proposed,\nbut will indicate our acceptance of any arrangement\nconsistent with the GATT rules which Spain and the\nEC might work out, such as one which provides a\ndefinite plan and schedule for the formation of a\nfree trade area within a reasonable length of time.\nIf we can convince the Spanish that our position\nis designed to support their objective of closer ties\nto the EC we may succeed in mitigating the adverse\neffect on the base negotiations. If our position\nshould result in the EC giving Spair a firm commitment\non economic integration within a fixed period of time\nthe Spanish might be pleased. If, however, the Spanish-\nEC agreement should not be consistent with GATT rules,\nwe will require your decision on a fallback position.\nSECRET"
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