Statement on Foreign Trade Week.

TOMORROW, May twenty-second, we are celebrating the opening of Foreign Trade Week; and also National Maritime Day. For us, this is an affirmation of purpose and of faith. These celebrations have to do with works of peace; the beneficial exchange of goods; traffic of merchant ships on many seas; the friendly development of commerce. Pacific intercourse is still the ideal of most of the world. It is the dominant purpose of the foreign policy of the United States. Our hope and aims are that peaceful interchange shall again become the normal state of affairs.

In carrying out this intention, we have a right to expect breadth of vision from all groups in our own country. Increased foreign trade yields large dividends in terms of economic well-being and friendly relations with other nations; but to secure it there must be fair exchange. We must take, as well as give; import, as well as export. We shall profit by doing so.

For nearly five years, now, we have been engaged in a vigorous effort to expand our foreign trade by means of reciprocal trade agreements, based upon the principle of equality of treatment, for the reduction of excessive trade barriers. This effort has been gratifyingly successful, despite many obstacles. Almost 60 per cent of our total foreign trade is now carried on with countries with which we have concluded agreements. By continued vigorous effort we can make of this essential part of our general program for economic recovery in the United States an even more effective means of promoting the general welfare.

To you who are engaged in foreign commerce, I extend a cordial welcome.