Word: oecd
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Dates: during 1983-1983
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...issues, the ministers achieved compromise and consensus. For the first time in a decade, they agreed that inflation has slowed enough for many nations to relax restrictive policies and, in the face of stubbornly high unemployment rates, to make growth their top priority. To help revive international commerce, the OECD nations pledged to "dismantle" trade barriers and government subsidies that have shielded weak industries from foreign competition...
...general language of the OECD communique glossed over a spate of specific conflicts among nations. Though the delegates renounced protectionism, their governments have been quicker to build trade barriers than to tear them down. The U.S. slapped a heavy tariff on Japanese motorcycles last month, and Western Europe pressured the Japanese to limit exports of light trucks, machine tools and television tubes. American officials have made no progress in persuading the European nations to reduce the subsidies that help boost their agricultural exports...