[G7 Summit -- Venice, June 22-23, 1980]

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30. We are resolved further to strengthen the open world trading system. We will resist pressures for protectionist actions, which can only be selfdefeating and aggravate inflation.

31. We endorse the positive conclusion of the Multilateral Trade Negotiations, and commit ourselves to early and effective implementation. We welcome the participation of some of our developing partners in the new nontariff codes and call upon others to participate. We also call for the full participation of as many countries as possible in strengthening the system of the General Agreement on Tariffs and Trade. We urge the more advanced of our developing partners gradually to open their markets over the coming decade.

32. We reaffirm our determination to avoid a harmful export credit race. To this end we shall work with the other participants to strengthen the International Arrangement on Export Credits, with a view to reaching a mutually acceptable solution covering all aspects of the Arrangement by 1 December 1980.[3] In particular, we shall seek to bring its terms closer to current market conditions and reduce distortions in export competition, recognizing the differentiated treatment of developing countries in the Arrangement.

33. As a further step in strengthening the international trading system, we commit our governments to work in the United Nations toward an agreement to prohibit illicit payments to foreign government officials in international business transactions. If that effort falters, we will seek to conclude an agreement among our countries, but open to all, with the same objective.

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