UN General Assembly
1990

Yet, it is also true that given the asymmetries in present-day international economic relations, some of these trends could present major challenges and constraints to the developing countries. The past year has witnessed the dramatic transformation of the Eastern European centrally planned economies, leading to their progressive integration into the world economic system. Indonesia welcomes this development, for its own sake and for the prospects it offers of new opportunities, such as expanded markets for exports from developing countries. Nevertheless, there is also genuine and justified concern that financial, trade and investment flows of considerable magnitude from the developed North might now be rechanneled to Eastern Europe. In addition, we are carefully assessing the possible impact of the formation of powerful economic groupings among developed countries, as exemplified by the prospective single European marker and the United States-Canadian Free Trade Agreement. Certainly, such regional economic integration could be a major stimulus to the global economy, provided however that it remains outward-looking and does not result in additional external barriers.