UN General Assembly
1980

8. Meanwhile, I should point out that, despite our own domestic economic problems, the aid programme of my own country is substantial. It is the fifth largest among the aid programmes of the industrialized countries and the seventh highest as a percentage of gross national product. But aid is only one factor in the development process. Private investment and private flows are also essential. In 1978, for example, net private flows from the United Kingdom to developing countries amounted to $8.7 billion, or 2.8 per cent of our gross national product. Trade too is vital. In 1979, 18 per cent of Britain's total imports came from developing countries. They were worth $19 billion, or 4.6 per cent of our gross national product. In addition, we continue to work with our partners in Europe to increase aid, trade and investment for the benefit of developing countries. For example, through the Second ACPEEC Convention of Lome signed at Lome on 31 October 1979, the European Community has given to 59 countries in Africa, the Caribbean and the Pacific guaranteed access to our markets for an assured quota of their products. That Convention has also provided and does provide aid and. technical cooperation on a very large scale.