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Economic Summits, 1988-95

Leaders of Group of Six (G-6) industrial countries--the United States, Japan, Germany, France, Italy, and the United Kingdom--have discussed and made decisions on a wide range of international economic and political issues at economic summit meetings that have been held annually since 1975. Canada's first meeting as a member of the group was the 1976 meeting in Puerto Rico.  The European Communities began to attend G-7 meetings in 1977. The following information provides background on each of the eight summits since 1988.

Halifax
June 15-17, 1995

Summary

The Halifax summit reaffirmed the G-7 commitment to promoting free markets and democratization. Leaders assessed the stability of global financial markets and fulfilled their Naples summit pledge to seek increased effectiveness of institutions which make up the international economic architecture to meet the challenges of the 21st century. President Clinton and the other G-7 leaders achieved significant consensus and commitment to action in three major areas: 1) safeguarding the financial system from future crises; 2) reforming the UN economic and social organizations; and 3) responding to new global security challenges. For the second year, Russian President Boris Yeltsin participated in the full range of political and security discussions.

Economic Accomplishments

• Commitment to increase stability of global financial markets by supporting more rigorous IMF surveillance and "early warning" to countries at risk, establishing a new IMF emergency financing mechanism, and considering options for increasing the IMF's ability to borrow to respond to financial emergencies.
• Review of international and multilateral institutions, leading to agreement that:
  • Multilateral institutions should focus on sustainable development, concentrate on the poorest countries, and develop a comprehensive approach to reducing the multilateral debt of the poorest countries.
  • The UN should consolidate and streamline its social and economic bodies along functional lines, reform the UN Secretariat to meet modern standards of management and accountability, and review and update mandates of UN agencies.
  • Multilateral financial institutions and the regional development banks should decentralize and focus on their core concerns.
  • All such institutions should develop comprehensive plans to reduce operating costs.

• Agreement to meet at the ministerial level to continue work on growth and employment begun by the 1994 Detroit Jobs Conference.
• Commitment to consolidate a strong and effective World Trade Organization and to maintain momentum for trade liberalization by building on Agreements reached in the Uruguay Round. Agreement to pursue new initiatives in standards, intellectual property, and government procurement; to make the OECD Multilateral Agreement on Investment (MAI) a top priority; and to continue work on trade and environment and trade and labor standards and other emerging issues.
• Endorsed both domestic and international action to safeguard the environment as a top priority.
• Pledge to promote up to $2 billion in loans to Ukraine from international financial institutions and negotiate comprehensive multilateral debt rescheduling with Russia.
• Reaffirmation of Naples summit commitments to Ukraine on nuclear safety and pledge to continue to mobilize international support for Ukraine's energy sector in support of plans to close Chernobyl.
• Recognized Russia's renewed commitments to financial stabilization and economic reform and encouraged continued necessary political reform.

Political Accomplishments

• Strong G-7 consensus, announced by the summit host, Canadian Prime Minister Jean Chretien, to ban transfers of nuclear reactors or associated activities to Iran, because of "grave concern that such cooperation could be misused by Iran towards a nuclear weapons program."
• G-7 and Russian concurrence in support of a wide range of key U.S. foreign policy initiatives.
• Agreement to convene a special summit meeting on nuclear safety in Moscow in 1996.
• Pledge to hold a ministerial-level meeting on counter-terrorism before the 1996 Lyon Summit.
• Creation of senior experts working group to develop specific proposals for new anti-crime initiatives and to report to the 1996 Lyon Summit.
• Endorsement of a new U.S. initiative against nuclear smuggling, based on stronger systems of control, accounting, and physical security for nuclear materials and expanded cooperation to combat nuclear theft.
• Stronger focus on human rights, including citation of specific cases and support for stronger international mechanisms of accountability for human rights violations.
• Reaffirmation of commitment to the United Nations and agreement that it should act more effectively to address threats to international peace and stability.
• Reiteration of commitment to conclude treaties covering non-proliferation and nuclear weapons test bans.
• Strong support for extension of the nuclear Non-Proliferation Treaty, entry into force of START I, and early ratification of START II.
• Endorsement of the Pact on Stability in Europe and NATO's Partnership for Peace as mechanisms to enhance security in Europe.
• On the conflict in Bosnia, expression of concern about escalation of hostilities and condemnation of hostage-taking.
• On the Middle East, recognition of the economic basis for peace and support for conclusion of peace treaties between Israel and Lebanon and Syria.
• Renewed calls for an end to the Arab League boycott of Israel.
• Agreement to retain sanctions on Iraq and Libya.
• Call for Iran to cease support for terrorist groups seeking to destroy the Middle East Peace Process and destabilize the region.
• On North Korea, reaffirmation of support for the agreed framework between the U.S. and North Korea to resolve the nuclear problem. Noted the opportunity for the international community to demonstrate support through participation in the Korean Peninsula Energy Development Organization (KEDO).

Naples
July 8-9, 1994

Summary

The Naples summit reviewed the changes occurring in the world economy and the globalization of national economies. Leaders pledged their adherence to the principles of democracy and open markets, agreed to look at ways to renew and revitalize the international economic institutions, and accepted the challenge of integrating the newly emerging market democracies into the world economic system. As a signal of G-7 support for Russian reform, G-7 leaders invited Russian President Yeltsin to participate in the political discussions.

Economic Accomplishments

• Agreement to use the 1995 Halifax summit to review the international economic architecture.
• Renewed commitment to Tokyo summit growth strategy; action plan on efforts to create jobs; plan for G-7 conference on global information infrastructure.
• Pledge to establish the World Trade Organization by January 1, 1995, continue momentum on trade, including new trade issues: labor, environment, and competition rules.
• Renewed commitment to sustainable development; agreement to speed implementation of the Rio Climate Treaty.
• Agreement that Paris Club should work to reduce debt stock and increase concessionality for the poorest countries and those in special difficulties and that G-7 should mobilize international financial institutions to help countries emerging from economic and political disruption.
• Action plan providing resources for closure of Chernobyl and for greater nuclear safety in Central and Eastern Europe and Russia.
• Pledge to provide up to $4 billion for economic reform in Ukraine; renewed support for economic reform in Russia.
• Renewed support for the Financial Action Task Force on money-laundering.

Political Accomplishments

• Support for a U.S.-led diplomatic approach under which North Korea's nuclear program would be frozen and international safeguards maintained while high-level talks to resolve nuclear and other issues continued.
• Strong support, under the President's leadership, for the Contact Group's efforts to end the Bosnia conflict.
• On the Middle East, endorsement of continued financial assistance for implementing the Declaration of Principles, a key U.S. objective.
• Endorsement of U.S. policy on Haiti to pressure the military regime to live up to its obligations to depart and make way for a return to democracy.
• Expression, following the President's lead, of great concern about Iranian behavior, especially regarding terrorism. This was the first time Russia joined in condemning terrorism and in a call for states to deny terrorists access to their territories.
• Reaffirmation of the view that proliferation is one of the most serious threats to international peace and security. In addition to supporting key treaties and agreements, the group agreed for the first time to cooperate in the prevention of nuclear smuggling.
• Expression, for the first time, of the high priority placed on curbing the indiscriminate use of anti-personnel landmines, halting their export, and assisting in their clearance worldwide.
• The President continued emphasizing the need for a future-oriented foreign policy and the importance of building institutions for the next century.

Tokyo
July 7-9, 1993

Summary

The Tokyo summit noted that, despite remarkable progress toward democratization and market economies since the previous summit, considerable challenges remained for the industrialized nations in achieving economic recovery and job creation, integrating countries in transition into the world economy, assisting developing countries, and reconciling global growth and attention to the environment. Leaders underscored their determination to enhance international cooperation, in particular by strengthening multilateral institutions, in an effort to create a more secure and humane world. Leaders also agreed to work to streamline the summit process to make it more responsive to major issues of common concern. This was the first economic summit meeting attended by President Clinton. Russian President Boris Yeltsin again participated in meeting with G-7 leaders on the third day of the summit.

Economic Accomplishments

• Commitment by all countries to implement a mutually reinforcing strategy to encourage global growth and job creation, including prudent macroeconomic policies to promote non-inflationary sustainable growth and structural reforms to improve the efficiency of markets.
• Endorsement of recent significant progress toward a large market access package as a major step toward completion of the Uruguay Round of the GATT multilateral trade negotiations by the end of 1993.
• Reaffirmation of support for economic reform efforts in Central and Eastern Europe, the Baltic states, the New Independent States of the former Soviet Union, and Mongolia. Creation of a $3-billion special Privatization and Restructuring Program for Russia and establishment of a Support Implementation Group in Moscow to improve delivery of assistance.
• Determination to publish national action plans by the end of 1993 to implement objectives outlined at the 1992 UN Conference on Environment and Development to secure environmentally sustainable development.
• Emphasis on the urgent need to coordinate safety measures as agreed in 1992 in Munich, with a view toward establishing a framework for coordinated action by those countries concerned.
• Commitment to pursue a comprehensive approach to development assistance, based on the requirements and performance of individual countries, and integrating aspects of trade, investment, and debt strategy, as well as assistance.

Political Accomplishments

• Support for efforts to strengthen the UN's capacity for preventive diplomacy, as well as its peacekeeping and peacemaking roles.
• Pledge to oppose terrorism and to devote increased attention to the problems posed by increasing numbers of displaced persons and refugees. Recognition of the protection of human rights as the responsibility of all countries as affirmed by the World Conference on Human Rights.
• Call for enhanced cooperation to combat the proliferation of weapons of mass destruction, including universal adherence to the nuclear Non-Proliferation Treaty, the Chemical Weapons Convention, and the Biological Weapons Convention. Call for North Korea to change its decision to withdraw from the nuclear Non-Proliferation Treaty and to comply with International Atomic Energy Agency safeguards on agreement to denuclearize the Korean Peninsula.
• Support for universal adherence to the Non-Proliferation Treaty and its indefinite extension in 1995.
• Pledge to ensure effectiveness of the UN Register of Conventional Arms.
• Pledge to continue strengthening the Missile Technology Control Regime and to bolster exports.
• Reaffirmation of commitment to the territorial integrity of Bosnia-Herzegovina and to a negotiated settlement based on the principles of the London Conference. Commitment to assist in the implementation of UN Security Council Resolution 836 establishing safe havens.
• Expression of concern about aspects of Iran's behavior.
• Reiteration of the call to end the Arab League boycott of Israel.
• Support for Russian reform efforts under President Yeltsin and for the reform process in Ukraine.
• Support for recent progress toward non-racial democracy in South Africa.
• Support for restoration of legitimate authorities in Haiti and for UN and OAS efforts in that regard.

Munich
July 5-7, 1992

Summary

Leaders at the Munich summit emphasized the necessity of achieving stronger world economic growth as a prerequisite for solving the problems of the post-Cold War era. Concern over lack of progress in the global trade negotiations, the future of high-risk nuclear reactors still operating in the former Soviet republics, and the civil war in the former Yugoslavia dominated the discussions. Russian President Boris Yeltsin joined G-7 leaders at the close of the summit to review the pace of reform efforts in his country.

Economic Accomplishments

• Pledge to work collectively and individually to promote sustainable world economic growth, encourage investment, and create new employment opportunities.
• Support for conclusion of the Uruguay Round of multilateral trade negotiations by the end of 1992.
• Call for the New Independent States of the former Soviet Union to continue economic reform policies aimed at building market economies. Support for financial credits and a debt rescheduling program for Russia and the creation of consultative groups for Russia and other New Independent States.
• Pledge to continue efforts to increase the quality and quantity of official development assistance in accordance with existing commitments, with emphasis on the poorest countries.

Political Accomplishments

• Pledge to continue shipments of humanitarian aid to Bosnia-Herzegovina, combined with support for more vigorous enforcement of UN Security Council sanctions against Serbia-Montenegro, including the use of military force if necessary.
• Agreement on the need to safeguard nuclear materials and to prevent the transfer or illicit production of nuclear weapons. Establishment of a multilateral program to improve the safety and management of Soviet-design nuclear power plants.
• Recognition of the progress of the new states of Central and Eastern Europe in achieving economic and political reform, and a call for increased investment by the industrialized countries to supplement these efforts.
• Support for the role of the United Nations in maintaining international peace and security and recognition of the need to strengthen the conflict prevention and crisis management capabilities of the Conference on Security and Cooperation in Europe.
• Call for all countries to carry forward the momentum of the UN Conference on Environment and Development by publishing national action plans by the end of 1993; providing additional technical and financial assistance to developing countries; and implementing commitments on climate change, protection of forests and oceans, and preservation of marine resources.

London
July 15-17, 1991

Summary

The London summit emphasized the need to strengthen the international order following the revolutions in Central and Eastern Europe and the intervention against Iraq in the Persian Gulf. Looking ahead to the UN Conference on Environment and Development in 1992, participants pledged support for a variety of initiatives designed to integrate environmental considerations into government policies. A unique feature of the London meeting was the special invitation to Mikhail Gorbachev to meet at the conclusion of the summit with the heads of the G-7 industrialized countries. Talks focused on the economic situation in the Soviet Union.

Economic Accomplishments

• Recognition of the successful efforts of the Paris Club to negotiate debt reduction packages for lower middle-income countries to improve their potential for economic growth.
• Commitment to secure stable worldwide energy supplies, remove barriers to energy trade and investment, encourage high environmental and safety standards, and promote international cooperation on research and development in these areas.
• Agreement on the necessity of enhancing both the quality and quantity of support for priority development issues, such as alleviating poverty, improving health education and training, and providing additional debt relief for the least-developed countries.

Political Accomplishments

• Commitment to continued support for reform efforts in Central and Eastern Europe and to the integration of these countries into the international economic system.
• Commitment to achieve a framework convention on climate change and a preliminary agreement on the management, conservation, and sustainable development of forests prior to the UN Conference on Environment and Development in June 1992.
• Pledge to promote mobilization of financial resources to assist developing countries with environmental problems, support stronger international efforts to deal with environmental disasters, and increase cooperation in environmental science and technology.

Houston
July 9-11, 1990

Summary

The Houston summit was held against the backdrop of movement toward democracy and freer markets in many parts of the world, including elections in Central and Eastern Europe and Nicaragua, momentum toward German unification, and political reforms in the Soviet Union. The summit leaders agreed on most international economic and political issues but also agreed that intense discussions were needed on agricultural subsidies in the Uruguay Round of multilateral trade negotiations, economic assistance to the Soviet Union, and global warming before consensus could be reached.

Economic Accomplishments

• Agreement on progressive reductions in internal and external support and protection of agriculture and on a framework for conducting agricultural negotiations in order to successfully conclude by December 1990 the Uruguay Round of multilateral trade talks under the auspices of the GATT.
• Request to the IMF, the World Bank, the Organization for Economic Cooperation and Development, and the European Bank for Reconstruction and Development to undertake, in close coordination with the European Community, a study of the Soviet economy, to make recommendations, to establish the criteria under which Western economic assistance could effectively support Soviet reforms, and to submit a report by the end of 1990.
• Support for aid to Central and East European nations that are firmly committed to political and economic reform, including freer markets, encouragement of foreign private investment in those countries and improved markets for their exports by means of trade and investment agreements.
• Pledge to begin talks, to be completed by 1992, on a global forest convention to protect the world's forests.

Political Accomplishments

• Promotion of democracy throughout the world by assisting in the drafting of laws, advising in fostering independent media, establishing training programs, and expanding exchange programs.
• Endorsement of the maintenance of an effective international nuclear non-proliferation system, including adoption of safeguards and nuclear export control measures, and support for a complete ban on chemical weapons.

Paris
July 14-16, 1989

Summary

The Paris summit marked the celebration of the 200th anniversary of the French Revolution and the Declaration of the Rights of Man. It also was the first economic summit meeting for President Bush, who had just returned from trips to Poland and Hungary. These developments reinforced for the summit leaders the importance of supporting political and economic reform in Eastern Europe. The leaders also expressed strong concern about environmental and narcotics issues; at least one-third of the economic declaration dealt with the environment.

Economic Accomplishments

• Agreement on several multilateral trade issues, including a pledge to make effective use of the GATT dispute settlement mechanism, to avoid new restrictive trade measures inconsistent with the GATT, and to make further substantial progress in the Uruguay Round in order to complete it by the end of 1990.
• Commitment to a strengthened debt strategy to rely, on a case-by-case basis, on such actions as economic reforms in developing countries, provision of more resources by a financially stronger World Bank and IMF, continued debt rescheduling by creditor governments, and more voluntary, market-based debt reductions by commercial banks.
• Continued cooperation in foreign exchange markets.
• Support for ending as soon as possible and not later than the end of the century the production and consumption of chlorofluorocarbons covered by the Montreal Protocol on Substances that Deplete the Ozone Layer.
• Commitment to limit the emissions of carbon dioxide and other greenhouse gases as well as conclusion of an international framework convention on global climate change.
• Support for the preservation of tropical forests and condemnation of the practice of dumping waste in the oceans.

Political Accomplishments

• Call for a meeting of all interested parties to discuss concerted assistance to Poland and Hungary and a request that the European Community coordinate these efforts.
• Support for effective programs to stop illegal drug production and trafficking, including assistance for the anti-drug efforts of producing countries and the United Nations, increased international cooperation to seize drug proceeds and prevent money laundering, and support for a 1990 international conference on cocaine and drug demand reduction.
• Continued strong condemnation of international terrorism by states, including hostage taking and attacks against international civil aviation.
• Condemnation of political repression in China and agreement to suspend the shipment of arms and the extension of loans to China.

Toronto
June 19-21, 1988

Summary

This summit, one of the most harmonious of the 1980s, marked the end of the second seven-year cycle of economic meetings. The leaders expressed satisfaction with their accomplishments in bringing down inflation in the 1980s and laying the basis for sustained strong growth and improved productivity. Among still unresolved problems they noted the emergence of large payments imbalances among major countries, greater exchange rate volatility, and continuing debt service difficulty in developing countries. In response to these developments, the leaders made further refinements in the multilateral surveillance system to improve the coordination of their economic policies. They also committed themselves to further trade liberalization at the Uruguay Round and offered new initiatives to relieve the debt burden of the poorest developing countries.

Economic Accomplishments

• Improvement of the multilateral surveillance system by adding a commodity price indicator to the existing indicators monitored by the seven nations and by integrating national structural policies into the economic coordination process.
• Support for efforts at the Uruguay Round to achieve trade liberalization in all areas including trade in services, intellectual property rights (such as copyrights and trademarks), and trade-related investment measures, to strengthen the GATT's surveillance and enforcement mechanism, and to reduce all direct and indirect subsidies affecting agricultural trade.
• Support for a $75-billion general capital increase for the World Bank to strengthen its capacity to promote adjustment in middle-income developing countries.
• Agreement to relieve the debt burdens of the poorest developing countries, particularly in Sub-Saharan Africa, by urging creditors to grant partial debt forgiveness, reduced interest rates, and/or lengthened debt maturities.
• Support for the ratification of the Montreal agreement on the ozone layer and the completion of other ongoing negotiations on emissions and the transport of hazardous wastes.

Political Accomplishments

• Confirmation of the policy of constructive dialogue and cooperation between East and West, particularly in the light of greater freedom and openness in the Soviet Union.
• Reaffirmation of previous summit agreements to combat terrorism and support for the policy of no takeoffs for hijacked aircraft once they have landed.
• Support for U.S. Government initiatives to improve cooperation against narcotics trafficking.

  [end of document]

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