U.S.-Commonwealth Trade Pact Urged

Press, Volume CI, Issue 29998, 6 December 1962, Page 8

U.S.-Commonwealth Trade Pact Urged

(N.Z.P J .-Reuter—Copyright)

TORONTO, December 4. A trade pact between the Commonwealth and the United States was suggested today by the president of the Toronto Dominion Bank (Mr A. T. Lambert) at the bank's annual meeting. "If it should happen that Britain is unable to arrange suitable terms of entry into the Common Market, and if the new Europe should eventually turn protectionist and inward-looking, then acme alternative alignment of trading nations may well become necessary,” he said. “The intriguing possibility arises that in sum a situation a vigorous campaign might succeed in persuading the United States to join the •This would, of course, greatly alter toe present centre of gravity within the Commonwealth, but it would offer renewed hope for 14 hratitaag trade over a major portion of toe world. It would also afford hope, encouragement and opportunity for other nations that chose to be part of ft.” Mr Lambert said the betas of the Commonwealth'* specicd trading arrangements had never been well understood by outriders, and perhaps least of all by toe United States. foe Canadian Pram TTttMtr encouragement of

European economic and political integration. Amer can Administrations had actively encouraged special trading arrangemanta of the mart binding sad exclusive character. "By way of contrast, the traditional trading anengemerits of the Conunonwealth seem to haw been an object of suspicion. Yet, Commonwealth trading amngements have worked to expand world Income and prosperity, and have done so without the geographic and other limitations Inherent in the Common Market,” Mr Lembert said. ‘The Commonwealth is not perfect, either economically or politically. toot ft is a living and growing entity, comprised of countries at venous stages of development and is capable of adapting to new methode under toe inspiration of high ideals. Surely the world bee benefited by this Mr lambert said the new Trade Expansion Act of the United States was an example of leadership In the movement toward trade liberal!*attoo. Boms Indirect benefits would undoubtedly accrue to Canada “but reciprocal conceataone from us will rarely be necessary as part of the Price of large-scale participa-