A joint meeting of the Empire Club of Canada and the Canadian Club of Toronto. The President of the United States and the Prime Minister of Canada spoke after the seven-nation Economic Summit which was hosted by Canada. Mr. Mulroney begins with some comments on what was covered at the Summit. Issues include: the Free Trade Agreement; defence and security of North America; the environment; economic issues such as Third World debt; and the issue of agricultural subsidies. Reasons for the annual meetings. Some of the results, and an acknowledgement of the vindication of many of Mr. Reagan’s policies. Some remarks about a contuing positive relationship between himself and Mr. Reagan. Mr. Reagan continues with some introductory remarks on America’s relationship with Canada over the years. A review of the relationship today; why it is more necessary than ever. The changing world and North America’s role in it. The intention and purpose of economic summits. Some common strengths and goals of Canada and the United States. The move toward a freer and more global market place. The technological revolution. Fighting protectionism. Results of the strong defence partnership between Canada and the United States, and NATO. East-West relations now. The new threat to security to be faced together: illegal drugs.