UN General Assembly
1981

127. The Third United Nations Conference on the Law of the Sea, during its recent session at Geneva, succeeded in overcoming a number of major difficulties, despite the reluctance of the United States to commit itself to the agreements already reached. The painstaking endeavors over the course of the past seven years of negotiations have resulted in the formalization of the informal draft convention. My delegation is confident that all States will extend their wholehearted cooperation to ensure the successful conclusion of the Conference. Indonesia, together with the overwhelming majority of participants in the Conference, looks forward to a definitive, final session in New York next spring and the signing of the convention later in 1982 at Caracas. 128. For a number of years the picture of the world economy has become increasingly bleaker, offering us no optimistic outlook for the near future. Ominous warnings indicative of a world economy experiencing greater instability than at any time since the Second World War have sent shock waves throughout most of the developing countries and many of the developed countries as well.