UN General Assembly
1973

neo-colonialism in the developing countries and the unfettered activities of transnational corporations continue; trade and monetary agreements among the developed countries tend to diminish the participation of the third world in world trade and to flout the principles of international cooperation. 126. It therefore becomes imperative for the developed countries to realize that international co-operation for development is one of the basic components of a permanent, universal peace that will permit full security for all States. 127. According to United Nations surveys, everything seems to indicate that by 1975 — that is, just half-way through the Second Development Decade — the trade and financial deficit of all the developing countries will amount to at least $17 billion. Half this amount, or perhaps more, will be to cover the flow of capital to pay for utilities from foreign private investment and invisible services and the other half to cover the trade deficit caused by the deterioration in terms of trade. We must therefore abandon our role as exporters of capital and importers of inflation.