U.S. Treasury Secretary Mr. George Shultz ended a four-day visit to Moscow on Wednesday (14?
U.S. Treasury Secretary Mr. George Shultz ended a four-day visit to Moscow on Wednesday (14 March). He was there to discuss US-Soviet economic relations. During his stay he met Communist Party leader Mr. Leonid Brezhnev and trade and banking officials.
Both countries agreed last October to triple their annual trading turnover to more than 1,500 million US dollars (600 million sterling). But these plans have been challenged by the U.S. Congress, which threatens to veto any move to award the Soviet Union "most-favoured-nation" status while Soviet emigrants (mostly Jews leaving for Israel) are made to pay heavy exit fees. Mr. Shultz declined to indicate the Soviet response to this, but said that he was optimistic that economic and trade relations would expand as planned.
Mr. Shultz left Moscow for ???nn on Wednesday (14 March). He was to discuss the world currency crisis with West Germany's Finance and Economic Ministers Helmut Schmidt and Hans Friderichs before Thursday's (15 March) crucial 14-nation conference in Paris. The Bonn talks were reported to have also covered negotiations -- which opened in Geneva on Thursday (15 March) -- on claims by the U.S. (and others) for compensation for damage to export trade because of the Common Market's expansion.
Mr. Shultz's arrival in Bonn coincided with the West German Government's official approval of a three per cent upward revaluation of the Deutsche Mark.
SYNOPSIS: U.S. Treasury Secretary George Shultz has ended a four-day visit to Moscow. He was there to discuss U.S.-Soviet trade relations with high-ranking Soviet officials. They plan to triple trade turnover to one thousand five hundred million U.S. Dollars a year.
Mr. Shultz then went to Bonn from Moscow. He was to confer with West German leaders on the currency crisis. His visit coincided with West Germany's decision to revalue the Deutsche Mark upward by three per cent. Six of the nine Common Market Finance Ministers had agreed to this together with their joint currency float earlier this week. The revaluation was the latest step towards at temporary solution in the series of international monetary crises caused by the Dollar's weakness.
Mr. Shultz, who is also President Nixon's top economic adviser, left Bonn airport immediately without making a statement. He drove straight to the Finance Ministry to begin the day's discussion with the West German delegation.
The timing of these talks was important; on Thursday a crucial fourteen-nation conference was to open in Paris to discuss further joint action. Mr. Shultz's opposite number in Bonn, Herr Helmut Schmidt is seen here on the right.
The Bonn talks also covered negotiations -- which opened in Geneva on Thursday -- over claims by the Untied States (and other countries) for compensation for damage to export trade because of the Common Market's expansion.