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ASIAN REGIONAL ECONOMIC DEVELOPMENT AND COOPERATION
(NSc 5506; NSC Action No. 1506; Nsc 5602/1; NSC 5707/8; Memo for
NSC from Executive Secretary, same subject, dated January 22,
1958)
Mr. Cutler briefed the Council, stating that he was intro-
ducing the subject in the absence of Mr. Randall.
(A copy of Mr.
Cutler's briefing note is filed in the minutes of the meeting, and
another is attached to this memorandum. )
The National Security Council:
a.
Noted:
(1)
The Report of the Committee on Asian Regional
Economic Development and Cooperation, and the
CFEP action thereon, transmitted by the refer-
ence memorandum of January 22, 1958.
(2)
b.
That the Operations Coordinating Board is to
serve as the coordinating agency for implementation of the summary findings and recommendations of the Report and for the programs and
actions resulting from further consideration
of the Report by the appropriate Executive departments and agencies; and will prepare periodic reports on such implementation and on such
programs and actions for the information of the
National Security Council and the Council on
Foreign Economic Policy.
Concurred in the recommendation of the Council on
Foreign Economic Policy, prepared pursuant to NSC
Action No. 1506-b and transmitted by the reference
memorandum of January 22, 1958, that NSC 5506 be
cancelled; and noted the concurrence of the Joint
Chiefs of Staff in this recommendation.
NOTE:
The actions in a and b above, as approved by the
President, subsequently transmitted to the CFEP
and OCB for information. The action in b above
also transmitted to all holders of NSC 5506.
5.
U. 8. ECONOMIC DEFENSE POLICY
(NSC 570473; NSC Action No. 1780)
Mr. Cutler said he understood that at the end of February
or early in March the United Kingdom would propose extensive reductions in the COCOM controls. There were indications that the U. K.
would propose (1) elimination of 43% of the items on List I,
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