HL Deb 06 June 1972 vol 331 cc161-3

2.40 p.m.

LORD BROCKWAY

My Lords, I beg leave to ask the Question which stands in my name on the Order Paper.

The Question was as follows:

To ask Her Majesty's Government what were the conclusions of the United Nations Conference on Trade and Development.

THE PARLIAMENTARY UNDERSECRETARY OF STATE, DEPARTMENT OF TRADE AND INDUSTRY (THE EARL OF LIMERICK)

My Lords, a Command Paper setting out in detail the conclusions of the Conference will be laid before Parliament as soon as practicable. Among agreements reached were resolutions on measures to assist the least developed among the developing countries, on the role of developing countries in relation to international monetary reform and on their participation in the forthcoming multilateral trade negotia- tions, and on measures to encourage the development of merchant shipping fleets and the improvements of ports.

LORD BROCKWAY

My Lords, while thanking the Minister for that reply, and appreciating that we cannot debate the matter now (perhaps arrangements might be made for a debate when the Command Paper is published), may I ask him whether the total effect of the UNCTAD Conference was not disastrous because it failed to bridge the gap between rich and poor countries and even increased the gulf between them? May I ask him particularly why the British Government opposed participation by the developing countries in the International Monetary Fund and in shares of Special Drawing Rights, and the channelling of free money to the poorer countries?

THE EARL OF LIMERICK

My Lords, I am well aware of the noble Lord's concern with these matters, and his desire for a debate will be discussed in the usual way. To follow up, the permanent machinery of UNCTAD will now take up matters agreed by the Conference, and its standing committees will be continuing efforts to find further areas of agreement. On the subject of monetary reform, I think there is common agreement that the British delegation played a major part in reaching agreement on a resolution which invited the International Monetary Fund to ensure, by the establishment of a special committee of Governments—the so-called Group of Twenty—the effective participation of developing countries in international monetary reform.

LORD BROCKWAY

My Lords, is the noble Earl aware that many of us greatly appreciated the persuasive and reasoned speech which the noble Baroness, Lady Tweedsmuir, made, and now regret that she did not stay at the Conference longer? May I ask the Minister whether Her Majesty's Government will do something to rescue this desperate situation, which will drive the developing countries on to the Communist side unless something is done in regard to the faint hope of the compromise resolution of a link with the International Monetary Fund?

THE EARL OF LIMERICK

My Lords, I am sure that my noble friend will be most grateful for that reference to her endeavours. As regards the aid link, the British Government approach this question of a link between S.D.R.s and development aid with sympathy, but we are not prepared to reach a conclusion on it, one way or the other, until a full study has been completed by the International Monetary Fund. As the noble Lord will know, we voted for the resolution which invited the I.M.F. to pursue its consideration of the possibility of a link in the context of world monetary reform.