UN General Assembly
1989

A redefinition of economic co-operation is therefore essential to the prevention of a further deterioration in the situation. Economic relationships must be based on equality, partnership and interdependence. It is imperative that products originating in the third world countries should receive fair and remunerative prices and should not be subjected to various constraints. International agreements aimed at stabilizing prices of primary commodities must be negotiated and implemented. The countries of the industrialized world, which has the skills, the technical know-how and the economic means, are better placed to restructure their industries so as not to affect the nascent industries of third world countries, which otherwise will have to face severe competition. Growth and prosperity can be realized only by these measures. Such a liberalizing philosophy will mirror international solidarity and true partnership, m order to address adequately the pressing issue of international debt, there is an urgent need to reactivate the North-South dialogue and convene, as proposed by the recent Summit Conference of the Non-Aligned Countries, an appropriate forum under the auspices of the United Nations to review ail aspects of the problem of external debt within the context of an improved environment for development and international economic co-operation.