[G7 Summit --Toronto, June 19-21, 1988]

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[Summit Contents| Economic Declaration Contents]

Newly Industrializing Economies

21. Certain newlyindustrializing economies (NIEs) in the AsiaPacific region have become increasingly important in world trade. Although these economies differ in many important respects, they are all characterized by dynamic, exportled growth which has allowed them to treble their share of world trade since 1960. Other outwardoriented Asian countries are also beginning to emerge as rapidlygrowing exporters of manufactures. With increased economic importance come greater international responsibilities and a strong mutual interest in improved constructive dialogue and cooperative efforts in the near term between the industrialized countries and the Asian NIEs, as well as the other outwardoriented countries in the region. The dialogue and cooperative efforts could center on such policy areas as macroeconomic, currency, structural and trade to achieve the international adjustment necessary for sustained, balanced growth of the world economy. We encourage the development of informal processes which would facilitate multilateral discussions of issues of mutual concern and foster the necessary cooperation.

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