UN General Assembly
1977

40. Nevertheless, decisions taken in this regard at the fourth session of UNCTAD, as well as the agreement in principle on the establishment of a common fund achieved at the Conference on International Economic Co-operation, provide a good basis for future action. These first steps are timid enough, and the implementation of the various decisions should be pursued with a greater degree of political will on the part of the developed countries. If this condition is met, there might be grounds for hoping that the plenipotentiaries meeting in the Negotiating Conference on a Common Fund under the Integrated Programme for Commodities, which has been scheduled for next month, would reach an agreement on practical ways and means to set up a common fund. 41. The question of international trade is indissolubly linked with the questions of international monetary reform and the financing of development. Here again the application of the decisions of our Assembly leaves a great deal to be desired.