§ 12. Mr. Archerasked the Minister of Overseas Development whether he will take steps to secure international agreement on the establishment of an international investment insurance scheme applicable to under-developed countries.
§ Mr. OramWe are already participating in discussions organised by the International Bank for Reconstruction and Development on draft articles of agreement for an International Investment Insurance Agency.
§ Mr. ArcherWhile I welcome that Answer, may I ask whether my hon. Friend would agree that there is some urgency in this matter? It may be the most immediate problem which is preventing investment in the under-developed countries at the moment.
§ Mr. OramI agree about the importance of this question, and in that sense it is urgent, but I would not like to minimise the difficulties in reaching the necessary international agreement for the establishment of such a scheme.
§ Mr. Henry ClarkIn view of the urgency of the need for such a scheme, would the Minister give consideration not to an international agreement, but to an international convention which could link a series of national insurance schemes together rather than waiting the very long time necessary to reach a world consensus?