BASIS OF FUTURE TRADE PLANS

Gisborne Herald, Volume LXXIV, Issue 22289, 26 March 1947, Page 5

BASIS OF FUTURE TRADE PLANS

MUTUALLY SATISFACTORY BARGAINS PROTECTION FOR EMPIRE INTERESTS LONDON, March 24. “Wo sliiill certainly not give away the interests of other Commonwealth countries in reducing the preferences enjoyed by them in the United Kingdom market.” said tire President of the Board of Trade, Sir Stafford Cripps, during the House of Commons debate on trade.

He added: “We are equally sure that we can count on them not to give away the preferences which wc value in their markets." He said Britain must have wider markets than the Commonwealth and Empire could provide and that only by freeing existing international trade generally could Britain possibly hope to attain her export targets. Whatever was given up would be part of a mutually satisfactory bargain. ' That was the whole basis of the idea on the tariff side of the international trade negotiations in Geneva in April.

Mutual Concessions Offered Pie added that Britain would be ready to consider reductions in the margins of tariffs in return for concessions of a comparable value made by other countries. Britain and the Commonwealth countries remained the judge as to whether the concessions offered were a sufficient inducement to modify the preference margins in return. Sir Stafford Cripps said the Government would not deal unilaterally with a particular preference without an Empire Government agreeing. Britain must no longer regard the Commonwealth and Empire as two parts—a manufacturing centre, and an agrarian and raw material area. Family Grouping Essential. Sir Stafford Cripps said that family grouping of the Commonwealth and Empire was still important to Britain, not as an isolationist grouping but as a factor in the wider expansion of world trade. Any former idea of preventing industrial development in the Empire was being replaced by the conception that the general development of industry throughout the world had to be the objective of all countries.

Britain, unless she was prepared to make some contribution to the generai freeing the world markets could not get the advantage of freer entry into other markets, particularly hard cur« rency markets. “As a great exporter of manufactured goods, with wider markets we stand tc gain in a special way from any genera] measure of the removal of trade barriers.” U.S. Requirements Studied. The Empire conference, which i! holding discussions as a preliminary tc the international trade conference in Geneva in April, is examining in detail the main list of tariff reductions which the United States specifically require! Britain to make, says the Daily Telegraph. It is understood that the list comprises 180 items. The United States also has sent othel lists to the Dominions. The principal opposition to the reductions comes from Australia which is determined that the home manufacturing industry shall nol be adversely affected. The delegates’ view is that the United States now realises that tin wholesale elimination of Empire preferences will be impossible and everj concession made will .require real contribution in return.