UN General Assembly
1974

138. The establishment of points of common interest may be the basis for the developed countries to manifest the political will to co-operate in the efforts to develop the backward countries. That political will is necessary for the viability of measures taken in response to the shortcomings of the world economic system. But we believe that there is at present no such political will of sufficient magnitude. 139. In connexion with the foregoing, it is most important to mention the results and projections of that great international event, the recently-held second session of the Third United Nations Conference on the Law of the Sea, held in Caracas from 20 June to 29 August of this year. The facilities for that Conference were provided by the Government of Venezuela, which also created an atmosphere of confidence and friendship propitious for the success of its work. It was in Caracas that we started work on matters of substance, since the first session, held in New York in December 1973, was devoted to organizational and procedural questions.