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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.
-- Agreement to use the 1995 Halifax summit to review the international
-- 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-
-- 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.
-- 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.
-- 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.
-- 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
-- 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.
-- 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
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.
-- 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.
-- 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.
-- 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.
-- 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.
-- 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.
-- Call for a meeting of all interested parties to discuss concerted
assistance to Poland and Hungary and a request that the EC coordinate
-- 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
-- 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
-- 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.
-- 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
-- Support for U.S. Government initiatives to improve cooperation
against narcotics trafficking.
June 6, 1995
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