George H.W. Bush: “I see that it would be very, very bad if we don't get a successful conclusion to the GATT round. And we have not…”

“I see that it would be very, very bad if we don't get a successful conclusion to the GATT round. And we have not discussed here in Australia fallback positions. We are not prepared to give up on the successful conclusion of the GATT round. But without trying to predict disaster, I can simply say I think it would be a very bad thing because I think you'd see more protection, more selfishness in the trading system that would inevitably shrink markets and cost countries jobs. And so, we must go forward, and we must try to get a successful conclusion. I feel more strongly about that since I've had the benefit of several long conversations with this Prime Minister. He's very knowledgeable on these international financial matters and also with the agricultural sector in this country. I really had my--I'm more highly attuned even than I was to the importance of getting this done. So, I don't want to worst-case it, but I can just say that it would be totally unsatisfactory to see that GATT round fail to come to a satisfactory conclusion. Trading Blocs”