Remarks Announcing Plans for an Economic Conference in Puerto Rico.

I AM pleased to announce this morning that the leaders of six other major, industrialized nations have accepted the invitation of the United States to attend a summit conference later this month.

The conference will be held June 27 and June 28 in the Commonwealth of Puerto Rico. In addition to the United States, Canada, France, West Germany, Italy, Japan, and the United Kingdom will be represented.

I have invited them to participate in this meeting because it is vital that the leaders of the industrialized democracies continue a process of close consultation as well as cooperation on the broad range of challenges as well as opportunities in all fields of common interest.

In the past, world leaders have met to deal with crises, but today's complex problems require that leaders meet to avoid them.

Last fall when we met in Rambouillet, France,¹ we agreed to extensive cooperation in order to sustain the economic recovery. This has meant less inflation and more jobs for millions and millions of people throughout the world.

¹ See 1975 volume, Item 680.

Now we must meet again to chart a course that will keep the recovery moving forward at a healthy and sustained rate. There will be many other subjects of international significance on the agenda in Puerto Rico, including financial, monetary, and trade issues. But the issue at the heart of the discussions is to determine what our nations can do, working together, to create a more prosperous and secure future for all of our citizens.

Thank you.