[Public Papers of the Presidents of the United States: William J. Clinton (1995, Book I)]
[June 15, 1995]
[Pages 888-889]
[From the U.S. Government Publishing Office www.gpo.gov]



Remarks on Departure for the Group of Seven Summit
June 15, 1995

    Good morning. As you know, I am leaving this morning for my third 
annual meeting with the leaders of the G-7 industrialized nations. This 
summit marks another concrete step in our efforts to advance the 
security and prosperity of the American people by seizing the 
opportunities of the global economy.
    At home, we are working hard to put our economic house in order. We 
are creating millions of jobs, working for economic growth, and cutting 
the deficit, which is already the lowest of all the advanced countries 
in the world. With our new budget proposal we will wipe out the deficit 
in 10 years, while still making room for critical investments in 
education and training, which our future demands. Going into this 
meeting the United States is in a strong position to continue leading 
our allies in the fight for long term global prosperity.
    From the beginning of our administration, we have led the 
international effort to expand trade on a free and fair basis. We helped 
to expand world markets with NAFTA and GATT and trade agreements with 
the Asian-Pacific countries and here with the nations of the Americas. 
We are helping the former Communist countries to convert to free market 
economies. In all these areas we have turned back the forces of 
isolation which tempt us to turn away from the challenges and 
opportunities of the world.
    In Halifax, together with our partners, we will focus on continuing 
to reform the institutions of the international economy so that we can 
have more stable, reliable growth--the World Bank, the International 
Monetary Fund, and others. For a half century, they have been a sound 
investment, and we are committed to maintaining our support for them. 
But now we have to give them new guidance in this new economy so that 
they can continue to serve our national interests in a changing global 
economy.
    One of the key issues we'll be addressing is creating ways to 
identify and prevent financial problems from exploding into crises, as 
they did in Mexico. We will embrace joint initiatives to contain and 
defuse any crisis that does develop, so that the United States is not 
the world's lender of last resort. And we'll continue to explore how 
international organizations, which have helped so many countries to 
improve the lives of their people, can better aid developing nations and 
expand the world's market economies.
    Finally, together with Russia, we will examine the challenges to our 
safety and well-being that no country can resolve alone. We'll look at 
new ways we can work together to combat the scourges of terrorism, 
nuclear smuggling, drug trafficking, and organized crime. And of course, 
we will discuss a lot of the security issues that concern us all, 
including Bosnia and Iran's nuclear ambitions.
    When I arrive in Halifax today, I'll be meeting with Prime Minister 
Murayama of Japan. Our relationship is strong, and we are cooperating on 
a broad variety of issues, including North Korea, which is terribly 
important to both of us, the environment, and the problems of terrorism 
which have visited both our nations recently. But I will also make it 
clear to the Prime Minister that I am determined to carry through on my 
effort to open Japan's auto markets. Millions of American exports and 
thousands of American jobs depend upon our success. And I will say again 
it is in the long term interest of both the Japanese people and the 
people of the United States that this trade effort succeed.
    All around the world free markets, open trade, new technologies are 
bringing countries closer together. Every day they are producing untold 
new opportunities for our people; they also lead us into uncharted 
territory with new problems. I believe on balance the future is

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very bright if we have the discipline to face these issues as they 
arise.
    As the world's leading industrialized democracies, those of us in 
the G-7 have a very special responsibility to address these forces of 
change. That's what we'll be doing at Halifax.
    Thank you very much.

Note: The President spoke at 8:40 a.m. at Andrews Air Force Base in Camp 
Springs, MD. In his remarks, he referred to Prime Minister Tomiichi 
Murayama of Japan.