Office of the Historian

337. Minutes of an Economic Policy Council Meeting1

Washington, July 31, 1985, 2 p.m.

ATTENDEES

  • Messrs. Baker, Block, Baldrige, Yeutter, Sprinkel, Whitehead, Darman, Burnley, Wright, Kingon, McAllister, Oglesby, Cornell, Driggs, Holmer, Khedouri, Mulford, Smart, Whitfield, Wigg, Cohen and Stucky

1. Common Fund

Mr. Cornell, noting that the Council had reviewed the issue of whether the U.S. should join the Common Fund at an earlier meeting,2 explained that the question remaining is, should the U.S. publicly announce an intention not to ratify the Common Fund Agreement.

Several members of the Council spoke in favor of announcing our intentions not to ratify, with the possibility of encouraging other nations to follow our lead. Others expressed concern that U.S. vagueness might be interpreted as disingenuousness,3 particularly by the developing nations.

The Council also discussed the possibility of the Soviet Union ratifying the Common Fund Agreement and the likely effect that would have on U.S. interests.4

Decision

Secretary Baker asked the Executive Secretary to poll later each member of the Council as to whether the U.S. should publicly announce a decision not to ratify the Common Fund Agreement or maintain the current policy of leaving the possibility of U.S. ratification open.

[Omitted here is discussion of U.S.-EC steel negotiations.]

  1. Source: Reagan Library, David Wigg Files, Unfoldered, Unfoldered Subject File, Economic Policy Council (EPC). No classification marking. The meeting took place in the Roosevelt Room in the White House. No drafting information appears on the minutes.↩
  2. See Document 333.↩
  3. An unknown hand underlined the phrase: “U.S. vagueness night be interpreted as disingenuousness.”↩
  4. An unknown hand underlined this sentence and drew an asterisk in the left-hand margin.↩