UN General Assembly
1998

multilateral trading system. In this regard, my delegation would like to urge the effective implementation of the Uruguay Round results, especially with regard to market access for goods and services of export interest to developing countries. Developing countries, especially those in sub-Saharan Africa, have, during the past decade, undertaken many efforts aimed at attracting foreign direct investment. Unfortunately, these efforts have not yielded any significant inflows. International capital flows play an important role in the process of development. Kenya reiterates the need for increased access to international financial markets for the acquisition of finance on concessionary terms by developing countries. In this context, Kenya attaches great importance to the convening of an international conference on financing for development under the auspices of the United Nations. The liberalization of financial transactions and the increasing freedom of capital mobility have become important policy objectives for many countries. The resultant need to grapple with massive international capital flows, coupled with the experiences of financial turbulence and turmoil in some Asian economies, has highlighted the need to reform the international financial system. On the