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While war raged in Europe and the Orient a most important event of a peaceful nature took place this Fall in the Western Hemisphere. On October 14 th there was signed in Buenos Aires a trade agreement between Argentina and the United States, the first commercial agreement or treaty to be concluded between the two countries since 1853. The signature of the agreement represents the culmination of a long effort by both governments. Argentina, occupying a leading position politically and economically in our own hemisphere, was naturally one of the first countries to be considered when the trade agreements program was begun in 1934. On two occasions since then, in 1936 and again in 1939, agreement seemed in sight, but not until this autumn could the differences between the two countries be bridged. The message addressed by President Roosevelt to Acting President Castillo, and Dr. Castillo's reply, lifted the agreement out of the realm of commerce and stressed its significance in the political relations between the two countries. Both made it clear that they consider that the main importance of the agreement lies not in the trade benefits which the two countries concede to each other but in its contribution to the principle of hemisphere solidarity and cooperation. President Roosevelt predicted that "in the years to come we will look upon the agreement signed today as a monument to the ways of peace, standing in sharp and profound relief upon a desolate plain of war and destruction.' To consider the trade agreements program as simply a matter of reducing some of the rates in our tariff and of obtaining lower rates abroad for some of our exports is to fail to appreciate the true character of this most important work. What gives to the agreements their significance is that they are the central feature of the whole body of policies which the United States Government has been applying for the past

The Operation of the Trade Agreements Program in Overcoming Barriers to Hemisphere Trade