President Reagan, setting out goals for his remaining six months in office, Saturday hailed the achievements of his administration and praised the role played by Republican presidential candidate George Bush.

"Here at the White House, our sleeves are rolled up and we're hard at work on our agenda for the future," Reagan said in his weekly radio address from the Camp David presidential retreat in Maryland, where he is spending the July Fourth independence holiday weekend.He praised Vice President Bush for an initiative, adopted last month at the Toronto economic summit of major industrial nations, aimed at coordinating efforts to prevent drug traffickers from laundering their ill-gotten gains.

The president, calling the anti-drug action the "Bush initiative," said the United States owed it to its children to put drug dealers out of business.

Among other goals, he cited keeping U.S. defenses strong, cutting unnecessary spending, helping "freedom fighters" around the world and getting Congress to pass trade legislation that "will open, not close, markets."

Reagan said his administration had already given the United States a "strong and growing" economy, the first treaty ever to eliminate an entire class of U.S. and Soviet nuclear missiles and "a new realism on our relations with the Soviet bloc."

"But despite these accomplishments, I believe our eyes should be on the future and the accomplishments we still have to achieve," he said.

In the Democratic Party response, Senate majority leader Robert Byrd of West Virginia said voters faced with a probable choice between Bush or Massachusetts Gov. Michael Dukakis as the next president "must choose a new path for America."

He said foreign competition was "beating us at our own game" while drug dealers were flooding the market with "dope and death."