§ Mr. Turnerasked the Chancellor of the Exchequer what was the outcome of the meeting in Paris on 13th and 14th December of the Organisation for Economic Co-operation and Development.
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§ Mr. Selwyn LloydMy right hon. Friend the President of the Board of Trade and I attended a conference in Paris on 13th and 14th December which was attended by Ministers from the eighteen members of the Organisation for European Economic Co-operation (O.E.E.C.) and the U.S.A. and Canada. The purpose of the conference was to endorse the arrangements for remodelling the O.E.E.C.
The Convention establishing the successor Organisation, with the U.S. and Canada as full members, was duly signed by representatives of all the twenty countries, and we hope it will come into force by the autumn of next year. At the same time Ministers approved a report from the Preparatory Committee they had set up in July on the activities and structure of the new Organisation. A White Paper containing the text of the Convention is being laid today, and will be published tomorrow. The report will be placed in the Library very shortly and will be published by O.E.E.C. in a few weeks' time.
The aims of O.E.C.D. are briefly: to achieve the highest sustainable economic growth and employment consistent with financial stability; to contribute to sound economic expansion in countries in process of economic development; and to contribute to the expansion of world trade on a non-discriminatory basis.
The main task of the new Organisation will be to strengthen and extend consultation on the economic policies of member countries and their impact on others. It will also have an important rôle in contributing to the economic expansion of the less developed countries by consultation on ways and means of improving the flow of long-term funds. Its trade functions will include within the framework of the G.A.T.T., regular consideration of the trade policies of member countries, examination of specific trade problems and consideration of any outstanding problems remitted to the Committee on Trade Problems established last January, which includes relations between the Six and the Seven.
Her Majesty's Government believe that the way has now been prepared for a further important advance in economic co-operation between the countries of 118W Western Europe and North America, which will benefit many other countries as well, and they intend to give the new Organisation their full support and to co-operate wholeheartedly in endeavouring to achieve its aims.