 At the closing of the Tokyo summit, I would like to summarize the discussions as chair of the meeting. For the past two days, we had intensive and frank exchange of views on economic, political and other issues. It is most gratifying for me to have been able, our determination to further ensure the bright prospect for the world economy. We are convinced that the fact we have squarely addressed ourselves to the various issues confronting us today, and to the task of building a better future, we have reinforced the high hopes and confidence in freedom and democracy in the minds of people throughout the world. As a result of this summit conference, three statements were already issued yesterday, namely the Tokyo Declaration, the statement on international terrorism, and the statement on the implications of the Chernobyl nuclear accident. Today, we agreed on the economic declaration, which I would like to introduce shortly. We discussed how to secure a stable development of East-West relations, which have crucial significance on the world peace. In particular, we exchanged views on the situation of the Soviet Union at this current juncture, with more than a year since General Secretary Gorbachev's accession to his office, and expressed hope of the steady progress of the high-level dialogue between East and West, including the second summit meeting between President Reagan and General Secretary Gorbachev, expectedly held within this year. We also agreed that in arms control negotiations, balanced, substantial and verifiable arms reductions should be sought. Being fully aware of the significance of this summit conference, having been held in the Asian Pacific region, we discussed the various problems facing this region. Based on the recognition that this region will in the years ahead further increase its importance to the world peace and prosperity, we wished to contribute to its stability and progress while respecting the individual efforts of respective countries in the region. We reaffirmed our support for the North-South dialogue in the Korean Peninsula and efforts to create a favorable environment conducive to it. Our cooperation toward and support for the success of Seoul Olympics and our belief that the accession of both North and South Korea to the United Nations would be beneficial from the standpoint of the universality of the United Nations as well as relaxation of tensions. We are concerned over the Cambodian problem which constitutes a major obstacle to the peace and stability of the Southeast Asia and reaffirmed our continued support of the peace efforts of the ASEAN countries towards the settlement of this problem. We also welcomed the establishment of a new government in the Philippines with wide popular support. We hope that political and economic reforms will be promoted in that country and express our readiness to support the efforts of the new government to overcome economic problems. With regard to Afghanistan, we reaffirmed our position and reiterated our support for the political settlement through the proximity talks under the auspices of the United Nations. In particular, we stressed that the Soviet Union should present at the current round of political talks which started yesterday a positive and concrete timetable for the withdrawal of all Soviet forces which would be an important test on a good faith in the part of the Soviet Union. We agreed to call on the parties concerned to exert further efforts for the realization of peace in the Middle East. We also had useful exchanges of views on such issues as the Iran-Iraq conflict and Central and South America and we reaffirmed that the conflict now taking place in these regions could seriously affect world peace and it should be settled peacefully through dialogue and negotiations. We also agreed that the importance of peaceful solution to the question of apartheid and appreciating the various international efforts which have been exerted agreed to continue to call on the parties concerned to strive for such an objective. We discussed the problem of drug abuse. We reaffirmed that we would continue to implement effective measures to prevent the production, international trafficking and abuse of drugs in accordance with reports submitted to us following the agreement made at the Bonsonet Hill last year and with our resolve expressed in our Tokyo Declaration. I should now like to deliver the Tokyo Economic Declaration. We, the heads of state and government of seven major industrialized countries and the representatives of the European community meeting in Tokyo for the 12th Economic Summit we reviewed developments in the world economy since our meeting in Bonn, Europe and have reaffirmed our continuing determination to work together to sustain and improve the prosperity and well-being of the peoples of our home countries to support other developing countries in their efforts to promote their economic growth and prosperity and to improve the functioning of the world's monetary and trading systems. The developments since our last meeting reflect the effectiveness of the policies to which we have committed ourselves at successive economic summits in recent years. The economies of the industrialized countries are now in their fourth year of expansion. In all our countries, the rate of inflation has been declining With the continuing pursuit of prudent fiscal and monetary policies this has permitted a substantial lowering of interest rates. There has been a significant shift in the pattern of exchange rates which better reflects the fundamental economic conditions. For the industrialized countries and indeed for the world economy the recent decline in oil prices will help sustain non-inflationary growth and to increase the volume of world trade despite the difficulties which it creates for certain oil producing countries. Overall, these developments offered brighter prospects and enhanced confidence in the future of the world economy. However, the world economy still faces a number of difficult challenges which could impair sustainability and growth. Among these are high unemployment, large domestic and external imbalances uncertainty about the future behaviour of exchange rates persistent protectionist pressures continuing difficulties of many developing countries and severe debt problems for some and uncertainty about immediate-term prospects for the levels of energy prices. If large imbalances and other distortions are allowed to persist for too long they will present an increasing threat to world economic growth and to the open model that will trade insistence. We cannot afford to relax our efforts. In formulating our policies we need to look to the medium and long-term and to have regard to the interrelated and structural character of current problems. We stress the need to implement effective structural adjustment policies in all countries across the whole range of economic activities to promote growth, employment and the integration of domestic economies into the world economy. Such policies include technological innovation, adaptation of industrial structure and expansion of trade and foreign direct investment. In each of our own countries it remains essential to maintain a firm control of public spending within an appropriate medium-term framework of fiscal and monetary policies. In some of our countries there continue to be excessive fiscal deficits which the governments concerned are resolved progressively to reduce. Since our last meeting we have had some success in the creation of new jobs to meet additions to the labour force but unemployment remains excessively high in many of our countries. Non-inflationary growth remains the biggest single contributor to the limitation and reduction of unemployment but it needs to be reinforced by policies which encourage job creation particularly in new and high-technology industries and in small businesses. At the same time it is important that there should be close and continuous coordination of economic policy among the seven Islamic countries. We welcome the recent examples of improved coordination among the group of five finance ministers and central bankers which have helped to change the pattern of change rates and lower interest rates on an orderly and non-inflationary basis. We agree, however, that additional measures should be taken to ensure that the procedures for the effective coordination of international economic policy are strengthened further. To this end the heads of state or government agree to form a new group of seven finance ministers including Italy and Canada which will work together more closely and more frequently in the periods between the annual summit meetings. Request the seven finance ministers to review their individual economic objectives and forecasts collectively at least once a year using the indicators specified below with a particular view to examining their mutual compatibility. With the representatives of the European community state that the purposes of improved coordination should explicitly include promoting non-inflationary economic growth, strengthening market-oriented incentives for employment and productive investment, opening the international trading and investment system and fostering greater stability in exchange rates. We affirm the undertaking at the 1982 Versailles Summit to cooperate with the IMF in strengthening multilateral surveillance particularly among the countries whose currencies constitute the SDR and request that in conducting such surveillance and in conjunction with the managing director of the IMF, their individual economic forecasts should be reviewed taking into account indicators such as G&P growth rates, inflation rates, interest rates, unemployment rates, fiscal debt ratios, haven't accounted trade balances, monetary growth rates, reserves and exchange rates. We invite other finance ministers and central bankers conducting multilateral surveillance to make their best efforts to reach an understanding and appropriate remedial measures whenever there are significant alleviations in an intended course. And recommend that remedial efforts focus first and foremost on underlying policy fundamentals while reaffirming the 1983 Williamsburg commitment to intervene in exchange markets when to do so would be helpful. The heads of state or government request a group of five finance ministers to include Canada and Italy in their meetings whenever the management or the improvement of international monetary system and related ignored policy measures ought to be discussed and dealt with. Invite the finance ministers to report progress at the next Economic Summit meeting. These improvements in coordination should be accompanied by similar efforts within the group of 10. The pursuit of these policies by the industrial and industrialized countries will help the developing countries so far as its strengthens the world economy, creates conditions for lower interest rates, generates the possibility of increased financial flows into the developing countries, promotes transfer of technology, and improves access to the markets of the industrialized countries. At the same time, developing countries, particularly debtor countries, can fit themselves to play a fuller part in the world economy by adopting effective structural policies coupled with measures to immobilize domestic savings to encourage the repatriation of capital, to improve the environment of a foreign investment, and to promote more open trading policies. In this connection, noting in particular the difficult situation facing those countries highly dependent on exports of primary commodities, we agree to continue to support their efforts for further processing of their products and for diversifying their economies and to take account of their export needs in formulating our own trade and domestic policies. Private financial flows will continue to play a major part in providing for their development needs. We reaffirm our willingness to maintain and where appropriate expand official financial flows, both bilateral and multilateral, to developing countries. In this connection, we attach great importance to an early and substantial eighth replenishment of the International Development Association and to a general capital increase of world bank when appropriate. We look for progress in activating the multilateral Investment Guarantee Agency for MAIGA. We reaffirm the continued importance of the case-by-case approach to international debt problems. We welcome the progress made in developing the cooperative debt strategy, in particular in building on the United States' initiative. The role of the international financial institutions, including the multilateral development banks, will continue to be central, and we welcome moves from a personal cooperation among these institutions, and particularly between the IMF and the World Bank. Sound adjustment programmes will also need resumed commercial banking, the flexibility in rescheduling debt and appropriate access to export credits. We welcome the improvement which has occurred in the food situation in Africa. Nonetheless, a number of African countries continue to need emergency aid, and we stand ready to assist. More generally, we continue to recognise the high priority to be given to meeting the needs of Africa. Measures identified in the report on aid to Africa adopted and forwarded to us by our foreign ministers should be steadily improved. Assistance should focus in particular on the medium and long-term economic development of these countries. In this connection, we attach great importance to continued cooperation through the special facility for sub-Saharan African countries, early implementation of the newly established structural adjustment facility of the IMF, and other use of the IDA. We intend to participate actively in the forthcoming United Nations Special Session in Africa to lay the foundation for the region's long-term development. The open, multilateral trading system is one of the keys to the efficiency and expansion of the world economy. We reaffirm our commitment to halting and reversing protectionism and to reducing and dismantling trade restrictions. We support the strengthening of the system and functioning of a GATT. Its adaptation to new developments in world trade until the international economic environment and the bringing of new issues under international discipline. The new round should, inter-alien, address the issues of trade in services and trade-related aspects of intellectual poverty rights and foreign direct investment. Further liberalisation of trade is which we shall work at the September Ministerial Meeting to make decisive progress in this direction. We note with concern that a situation of global structural surface now exists for some important agricultural products, arising partly from technological improvements, partly from changes in the world market situation, and partly from long-standing policies of domestic subsidy and protection of agriculture in all of our countries. This harms the economies of certain developing countries and is likely to aggravate the risk of wider protectionist pressures. This is a problem which we all share and can be dealt with only in cooperation with each other. We all recognise the importance of agriculture to the well-being of rural communities. We agree that when there are surfaces, action is needed to redirect policies and adjust the structure of agricultural production in the light of world demand. We recognise the importance of understanding these issues and express our determination to give full support to the work of the OECD in this field. Bearing in mind that the recent oil price decline owes much to the cooperative energy policies which we have pursued during the past decade, we recognise the need for continuity of policies for achieving long-term energy market stability and the security of supply. We note that the current oil market situation enables countries which wish to do so to increase stock levels. We reaffirm the importance of science and technology with a dynamic growth of the world economy and take note with appreciation of the final report of the working group on technology, growth and employment. We welcome the progress made by the United States Mound Space Programme and the progress made by the autonomous world of the European Space Agency. We stress the importance of genuine partnership and the appropriate exchange of information, experience and technologies among the participating states. We also note with satisfaction the results of this enthusiasm on neuroscience and ethics hosted by the Federal Republic of Germany and we appreciate the decision of the Canadian government to host the next meeting. We reaffirm our responsibility, shared with other governments, to preserve the natural environment and continue to attach importance to the international cooperation in the effective prevention and control of pollution and natural resources management. In this regard, we take note of the work of the environmental experts on the improvement and harmonization of the techniques and practices of environmental management and ask them to report as soon as possible. We also recognize the need to strengthen cooperation with developing countries in the area of the environment. We have agreed to meet again in 1937 and have accepted the invitation of the President of the Council of the Italian Government to meet in Italy. Thank you. This concludes the joint press conference. Thank you very much. I would like to request you to remain seated while the heads of the delegate and the members of the delegation will be seated.