Return to: Index of "Economic and Business Issues" || Electronic Research Collections Index || ERC Homepage

U.S. Department of State
95/06/06 Fact Sheet: Economic Summits, 1988-94
Bureau of Public Affairs

Fact Sheet: Economic Summits, 1988-94

Leaders of Group of Seven (G-7) industrial countries--the United States, 
Japan, Germany, France, Italy, the United Kingdom, and Canada--plus the 
President of the European Commission (now European Union), 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.  The following information provides background on 
each of the seven summits since 1988.

July 8-9, 1994


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 

-- 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 

--  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-

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 

--  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 

July 7-9, 1993


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 

--  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 peace-keeping and peace-making 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 (NPT), 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.

--  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.

--  Support for universal adherence to the NPT and its indefinite 
extension in 1995.

--   Pledge to ensure effectiveness of the UN Register of Conventional 

--  Pledge to continue strengthening the Missile Technology Control 
Regime and to bolster exports.

--  Expression of concern about aspects of Iran's behavior.

--  Reiteration of the call to end the Arab boycott.

--  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 

--  Support for restoration of legitimate authorities in Haiti and for 
UN and OAS efforts in this regard.        

July 5-7, 1992


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 

--  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 
--  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.

July 15-17, 1991


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 Gulf.  Looking ahead to the upcoming 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.

July 9-11, 1990


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 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 General Agreement on Tariffs and Trade (GATT).

--   Request to the International Monetary Fund (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 (EC), 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 

--   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 

July 14-16, 1989

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 that will rely, on a 
case-by-case basis, on such actions as economic reforms by developing 
countries, more resources by a financially stronger World Bank and the 
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 

--  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 EC coordinate 
these efforts.

--  Support for effective programs to stop illegal drug production and 
trafficking, including assistance to 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 

--  Condemnation of political repression in China and agreement to 
suspend the shipment of arms and the extension of loans to China.

June 19-21, 1988


The 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 at 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 

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.

June 6, 1995
To the top of this page